S&P CNX NIFTY INDEX FUTURESDiupdate Retracement or Recovery? NIFTY Outlook
Hi Traders, Here's my view on Nifty .
Nifty after a 11% correction has got into a classic LH- LL Structure and looking at the current scenario, we are currently in corrective phase.
The first possibility is, it might consolidate b/w 17300 which is a support turned into resistance and POC as well & 16910 is another important support below which Nifty looks weak. In last few sessions, We saw a gap up, a bit of consolidation with no buying volumes and it could not sustain after that so my view is unbiased here. If 16910 breaks downtrend will resume. A close above 17300 in coming sessions would attract my attention till then I am neutral and bearish if the 17300 pivot breaks, I am looking for shorting opportunities & I sense Volatility 💹
Do share your views on the same. Thanks for reading.
Happy Trading!
Nifty after a 11% correction has got into a classic LH- LL Structure and looking at the current scenario, we are currently in corrective phase.
The first possibility is, it might consolidate b/w 17300 which is a support turned into resistance and POC as well & 16910 is another important support below which Nifty looks weak. In last few sessions, We saw a gap up, a bit of consolidation with no buying volumes and it could not sustain after that so my view is unbiased here. If 16910 breaks downtrend will resume. A close above 17300 in coming sessions would attract my attention till then I am neutral and bearish if the 17300 pivot breaks, I am looking for shorting opportunities & I sense Volatility 💹
Do share your views on the same. Thanks for reading.
Happy Trading!
Catatan
Nifty Faced massive resistance from 17300 POC level, Sit Tight. We are still in the No Trading Zone. Bank Nifty sitting at a crucial Demand Zone, Weak below 34000. Broader index Nifty 500 needs to hold above 14630
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