Hi All,
Nifty recovered sharply after a short lived sell off post Air strikes and rose by almost by 3% from the bottom of 10730.
However, Nifty is currently trading near an important area of resistance from 11050-11180.
Today, Nifty has given a strong gaped up opening however, it's an amateur gap and may not last long if bears strike hard. Also, on daily charts, Nifty has a very small downward gap between 11041-1043 which will act as resistance. A sustaining close below 11041 would mean that the current up move only took place to close the gap.
Any further up move is only possible if Nifty surpasses and sustains above the resistance zone.
Risky bears will now think of shorting Nifty now or on rise with stop loss above 11180-11200....., however, a sustained move above 11180-200 would mean a next leg up likely for Nifty taking it higher till 11350-11530-110610 and then finally above 11760, the life time high.....
However, personally I feel, it's advisable to wait for a bearish confirmation on daily or at least hourly charts for going short
Nifty CMP - 11040
Cheers...
Hrishi
Nifty recovered sharply after a short lived sell off post Air strikes and rose by almost by 3% from the bottom of 10730.
However, Nifty is currently trading near an important area of resistance from 11050-11180.
Today, Nifty has given a strong gaped up opening however, it's an amateur gap and may not last long if bears strike hard. Also, on daily charts, Nifty has a very small downward gap between 11041-1043 which will act as resistance. A sustaining close below 11041 would mean that the current up move only took place to close the gap.
Any further up move is only possible if Nifty surpasses and sustains above the resistance zone.
Risky bears will now think of shorting Nifty now or on rise with stop loss above 11180-11200....., however, a sustained move above 11180-200 would mean a next leg up likely for Nifty taking it higher till 11350-11530-110610 and then finally above 11760, the life time high.....
However, personally I feel, it's advisable to wait for a bearish confirmation on daily or at least hourly charts for going short
Nifty CMP - 11040
Cheers...
Hrishi
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