Nifty formed an Indecisive Doji type candle with a bearish Bias on the Weekly chart.
The overall sentiment remains firmly Bearish for now.
While there was a bounce from 23,850 levels, that bounce was unable to sustain.
I had already taken short position on Swing basis on 7th Nov with a plan to hold it till 23,550.
(Refer to my earlier posts).
For those looking to trade on weekly basis, I have indicated the resistance and support levels.
I’m anticipating this week to have a trending move after two weeks of moves on either side.
The overall sentiment remains firmly Bearish for now.
While there was a bounce from 23,850 levels, that bounce was unable to sustain.
I had already taken short position on Swing basis on 7th Nov with a plan to hold it till 23,550.
(Refer to my earlier posts).
For those looking to trade on weekly basis, I have indicated the resistance and support levels.
I’m anticipating this week to have a trending move after two weeks of moves on either side.
My target would be 23,550 where price would find a decent stable support at the 200 DEMA. If that breaks, then we would be in for further downside to around 23,350 but that could possibly happen in the upcoming weeks.
Basically the logic is that after the first major fall was triggered, the market has paused for two weeks and now the fall should continue further.
I don’t think Global positive news will play much factor here. Indian markets seem over valued and hence this kind of healthy correction is required.
The view needs to be simple – Sell on Rise. Look for Bearish price action on any rallies.
Long view is possible only once Nifty starts trading firmly above 24,525.
Trade responsibly.
