Let see todays market action of Nifty.
Made a Doji on 8th September with indicator in overbought territory. The probably negative price action got confirmed by the bearish engulfing pattern seen in the Fridays action. Now today given the negative global cues we had a gap down. Additionally we have a fast fall set up in Nifty.
Nifty is in Sell Mode now. Further Macd going into sell would add further momentum into our sell positions in NIFTY.
4980 is a high volume node, below that 4926/ 4845/ 4765 are the high volume nodes. Hence, price if below these levels will act as resistance and above will act as support.
Lets also take toll of our particular set of stocks which we trade in
DLF - Sell 1.
JPA - Sell 1.
Hindalco - Sell 1.
Tata Motors - Sell 1.
SBIN - Sell 1. Weakest of the lot.
Conclusion - We have shorts in nifty as of now. Will wait for Sell 2 to emerge in individual scrips before taking short positions in them.
Made a Doji on 8th September with indicator in overbought territory. The probably negative price action got confirmed by the bearish engulfing pattern seen in the Fridays action. Now today given the negative global cues we had a gap down. Additionally we have a fast fall set up in Nifty.
Nifty is in Sell Mode now. Further Macd going into sell would add further momentum into our sell positions in NIFTY.
4980 is a high volume node, below that 4926/ 4845/ 4765 are the high volume nodes. Hence, price if below these levels will act as resistance and above will act as support.
Lets also take toll of our particular set of stocks which we trade in
DLF - Sell 1.
JPA - Sell 1.
Hindalco - Sell 1.
Tata Motors - Sell 1.
SBIN - Sell 1. Weakest of the lot.
Conclusion - We have shorts in nifty as of now. Will wait for Sell 2 to emerge in individual scrips before taking short positions in them.
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