Will nifty be taking Support at 18650?
As we discussed yesterday in NIfty it continue to move as bearish trend. according to the analysis it still seems to go in the same direction. as this present level is minor support line. there might be a minor support here. but at lower 18650 is strong support zone which might provide a nice support in upcoming week.
Reasons:
Verdict:
Market is still bearish
Plan of action:
You can sell higher upticks. dont make any bullish positions unless it shows some pprice action on 18650 such as double bottom or big bullish hammer or marubozu, a good signal of reversal.
Reasons:
- Price < EMAs (Bearish)
- Price << 200 EMA that means minor support line might give a support here.
- RSI is very low shows weakness in bullishness.
- PCR = 0.61 (Bearish) too early to comment using PCR.
Verdict:
Market is still bearish
Plan of action:
You can sell higher upticks. dont make any bullish positions unless it shows some pprice action on 18650 such as double bottom or big bullish hammer or marubozu, a good signal of reversal.
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