Today's candle in 
NIFTY is a Intraday Liquidity Sweep candle. Shakeout from both sides in the index. Option writers do this so that retailers will leave their positions and they can have the proper liquidity and then take the index to the new swing high.
There is a possibility of tomorrow's action in the market being something like this: the Nifty will be seeing a dip on Intraday chart drive the market higher on the second half. However, that's just a possibility and I do not say that's it's a 100% chance.
The levels for the Nifty:
Support - 24855. A dip to this should be a Buy opportunity.
Resistance - 25200.
The same has already happened in the
BANKNIFTY . Hence, it looks better than Nifty.
For Banknifty, the levels are:
Support - 56097
Resistance - 56640
However, from the short term perspective, nothing to worry about until Nifty trades above 24750. Below this we must be cautious.
It's a time to be very sector specific and also which sectors to focus on. So focus on selecting the right setup from the right sector.
That's all for today. Have a profitable tomorrow. Don't forget to use SLs in all your positions.
NIFTY is a Intraday Liquidity Sweep candle. Shakeout from both sides in the index. Option writers do this so that retailers will leave their positions and they can have the proper liquidity and then take the index to the new swing high.There is a possibility of tomorrow's action in the market being something like this: the Nifty will be seeing a dip on Intraday chart drive the market higher on the second half. However, that's just a possibility and I do not say that's it's a 100% chance.
The levels for the Nifty:
Support - 24855. A dip to this should be a Buy opportunity.
Resistance - 25200.
The same has already happened in the
BANKNIFTY . Hence, it looks better than Nifty. For Banknifty, the levels are:
Support - 56097
Resistance - 56640
However, from the short term perspective, nothing to worry about until Nifty trades above 24750. Below this we must be cautious.
It's a time to be very sector specific and also which sectors to focus on. So focus on selecting the right setup from the right sector.
That's all for today. Have a profitable tomorrow. Don't forget to use SLs in all your positions.
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.