Yesterday we sent to subscribers: Sell NF 11789-11798 with stop loss of 11824 targets 11724 and 11611-11578
First target has been achieved.
Nifty closed at S. 11624 which give it move.
Short trader should keep stop-loss 11679 above as trial.
Intraday R. 11659 nearby (seller can come to this point intraday) with intraday support @ 11575 nearby.
Pivot S 11702,
Intraday targets 11668-11676 and this is support also.
Suppose to not break 11670 below, then it can bounce upto 11724-11748 and upto resistance 11770.
Below to 11670, NF is not can fall 100-130 points.
Resistance is too far at 11776.
Nifty ATR is at 111 which means if short term downtrend started, then 11635 -111 = 11524 below.
Double Top is not clear still.
- RBI monetary policy on April 4.
- The selling in the last hour.
- Forming ‘Bearish Engulfing’ pattern on daily chart.
- The short term trend of Nifty is weak.
NOTE: Both charts are for SPOT NIFTY.
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