So now 25420 Support has been breached in 
NIFTY . Next would be 25222 as we analysed on weekly Nifty commentary.
Today's candle in #NIfty is a Squat Candle which forms when traders book profit on rise. However, Buyers were still stronger than Sellers by 6 million volume.
Seems like a Short Build up pattern.
Volume rising + Momentum is falling = we will short on a bounce. Option traders must note this.
After 25222, 25050 could be the next important support.
Resistance for Nifty would be at 25600.
We can see a decent short covering if we close above this.
BANKNIFTY looks weaker. CNXPSUBANK couldn't push it as expected.
Support to open new short term position is now marked at 56111.
Talking about the Sector specific trades,
CNXPHARMA , #AUTOCOMPONENTS AND 
CNXIT tops the list.
Remember, this is no time to open Short term positions. We will soon get that good opportunity. So keep some cash handy so that you can the chance when there is opportunity is visible.
Currently is the time to do just Intraday and Swing trading.
That will be all for the day. Don't forget to use strict SL in this market. Do not use MTF trading.
Take care. Have a profitable tomorrow.
NIFTY . Next would be 25222 as we analysed on weekly Nifty commentary.Today's candle in #NIfty is a Squat Candle which forms when traders book profit on rise. However, Buyers were still stronger than Sellers by 6 million volume.
Seems like a Short Build up pattern.
Volume rising + Momentum is falling = we will short on a bounce. Option traders must note this.
After 25222, 25050 could be the next important support.
Resistance for Nifty would be at 25600.
We can see a decent short covering if we close above this.
BANKNIFTY looks weaker. CNXPSUBANK couldn't push it as expected. Support to open new short term position is now marked at 56111.
Talking about the Sector specific trades,
CNXPHARMA , #AUTOCOMPONENTS AND CNXIT tops the list.Remember, this is no time to open Short term positions. We will soon get that good opportunity. So keep some cash handy so that you can the chance when there is opportunity is visible.
Currently is the time to do just Intraday and Swing trading.
That will be all for the day. Don't forget to use strict SL in this market. Do not use MTF trading.
Take care. Have a profitable tomorrow.
TrendX INC
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TrendX INC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.