Nifty gapped down because of negative global cues on friday. The candlstick formed is a doji with the low as 5142. 5150 levels were the levels where support was present given by a trendline. Also macd is in sell so any rise will either be met by selling or we need a grand positive closing to reverse this situation.
Now what ahead - Though we have a doji here - we dont have a donwtrend technically wherein we can say with good amount of confidence that prices may move higher. They may but i cant say. Positive closing of US markets will certainly create a bounce in first 45min in nifty and hence closing at 10am will be important.
H- 5199, L - 5142, C- 5169 are figures for friday and 5170 is the PP for Monday. Would we have an inside day tomorrow because there has been no trigger in the market during last two days to take prices higher.
Action - stay with your positional shorts. Incase a higher high and higher low is created on daily charts then we may move higher and you would have to close your positions with stop loss being 5250.
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