Update - 12:15 PM 17th June 2019
As expected, Nifty, after rising for a while, took resistance near the mentione area near 12k levels, and fell sharply from thereon to trade currently near the crucial, 38.2% retracement mark of 11700-11720, below this the next support zone would be directly near the gap up area of 11400-11600.....
Traders who have shorts at the higher levels can book partial profits and trail stop loss at cost.
Nifty also formed a lower top lower bottom on daily charts, which is a sign of huge concerns for bulls and short term bias remains negative untill Nifty surpasses 12k now.
Cheers...
Hrishi
As expected, Nifty, after rising for a while, took resistance near the mentione area near 12k levels, and fell sharply from thereon to trade currently near the crucial, 38.2% retracement mark of 11700-11720, below this the next support zone would be directly near the gap up area of 11400-11600.....
Traders who have shorts at the higher levels can book partial profits and trail stop loss at cost.
Nifty also formed a lower top lower bottom on daily charts, which is a sign of huge concerns for bulls and short term bias remains negative untill Nifty surpasses 12k now.
Cheers...
Hrishi
