NIFTY continued the downtrend for the 3rd consecutive day. Last day we planned to sell below 17100 for the target of 16000. It opened with a gap up, the 10 o'clock range broke downside below 16120. In this continuation it broke 16100 and headed straight towards 16000.
Coming to tomorrow's trade setup- index has closed at 16000, an important support. If index opens flat and slides below 16000. Short for the target of 15900 and 15850. Book max near 15800-50, PRZ placed in this region.
For buying if a 5/15 candle closes above 16100 then above its high long for the target of 16160 and 16260. Book max near 16260-70.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
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