15:30 IST: NIFTY after flattening with in 15-20 points range towards end, finally closed just above 5500 (Futures). The recovery towards end of the day set a positive tone for tomorrow. For the day it set double top at 5511 making the level very critical for tomorrow. Important range for tomorrow will be 5480-5512, breakout on either direction will set a clear trend in that direction for intra-day.
13:47 IST: For Learning: Arrows marked on the charts are the reverssal candles. First upward arrow invalidated shorting at/below 5475. Second arrow gave another chance to exit at Breakeven even if we had entered short below 5475. Current price action reversing from 38.2% retracement of yesterday's Price Action (PA) signal that NIFTY is still in -ve bias for the day.
12:23 IST: NIFTY turned lower for the day due to global weakness and other -ve news flow. As long as NIFTY stay below 5495 bias is -ve for the day and a sustained drop below 5475 indicate weakness. If NIFTY can manage to stay above 5495 till 14:30 IST then we can expect a pull back towards 5525-5550-5575 resistance areas. No trade for now, can consider short below 5475 with 5500 Stoploss (But should analyse the price action at 5475. If short, ensure that bullish engulfing or bullish pin bars are NOT forming)
13:47 IST: For Learning: Arrows marked on the charts are the reverssal candles. First upward arrow invalidated shorting at/below 5475. Second arrow gave another chance to exit at Breakeven even if we had entered short below 5475. Current price action reversing from 38.2% retracement of yesterday's Price Action (PA) signal that NIFTY is still in -ve bias for the day.
12:23 IST: NIFTY turned lower for the day due to global weakness and other -ve news flow. As long as NIFTY stay below 5495 bias is -ve for the day and a sustained drop below 5475 indicate weakness. If NIFTY can manage to stay above 5495 till 14:30 IST then we can expect a pull back towards 5525-5550-5575 resistance areas. No trade for now, can consider short below 5475 with 5500 Stoploss (But should analyse the price action at 5475. If short, ensure that bullish engulfing or bullish pin bars are NOT forming)
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