Nifty formed indecisive DOJI, will it reverse ? ?
Nifty formed a indecisive DOJI.
Nifty has corrected about 450 points from the recent high it made on 23rd Sep.
Dow is taking support after a two days massive fall.
I would recommend trading on long side after some confirmation, Nifty trading above today's top can be a enough of sign of strength, one can consider taking long positions expecting a pull back. Today's or DOJI's low should be used as stop for all long positions.
The immediate target on the upside can be 11455 followed by 11518.
The initial recovery can be slow and may require a lot of patience.
As far as I understand this fall of approx. 400 points after a massive two days rally, is nothing but a consolidation. Market is trying to digest a rally in an global and local environment that is full of uncertainties and not so good news-flow.
As long as 11050 -11100 hold, there is every possibility for a recovery, hence my advise is to cover shorts around these levels and wait for clarity for the next move.
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Nifty has corrected about 450 points from the recent high it made on 23rd Sep.
Dow is taking support after a two days massive fall.
I would recommend trading on long side after some confirmation, Nifty trading above today's top can be a enough of sign of strength, one can consider taking long positions expecting a pull back. Today's or DOJI's low should be used as stop for all long positions.
The immediate target on the upside can be 11455 followed by 11518.
The initial recovery can be slow and may require a lot of patience.
As far as I understand this fall of approx. 400 points after a massive two days rally, is nothing but a consolidation. Market is trying to digest a rally in an global and local environment that is full of uncertainties and not so good news-flow.
As long as 11050 -11100 hold, there is every possibility for a recovery, hence my advise is to cover shorts around these levels and wait for clarity for the next move.
Please consider liking this post / idea, share your opinion via. posts, you may also FOLLOW me on this forum for periodic updates on Nifty , Bank Nifty , Silver or Gold .
Trade attivo
RBI rate cut news will be out around 11:45 to 12:00 hours, though there is going to be no surprise, but the oversold market may find a trigger to reverse or or atleast pause a little.
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