Nifty, we all know, is in uptrend on both long term & medium term uptrend. Currently bulls are suffering due to short term down trend. The chart of Nifty is far from revealing the ongoing carnage in mid cap and some select large cap stocks.
A common problem for regular trader is to come out with a suitable strategy in this type of market. The problem for Option traders is even worse. What are the technical possibilities here?
Well there are technical evidences for both sides. Hourly chart of Nifty suggests more trouble for bulls as long as Nifty trades below 9370, while crossover and stay above 9450 would be taken as short term uptrend.
Daily chart of Nifty is posing a distant possibility of trend reversal subject to lot of ifs and buts. Whatever may be the case, next few trading session are of paramount importance.
A common problem for regular trader is to come out with a suitable strategy in this type of market. The problem for Option traders is even worse. What are the technical possibilities here?
Well there are technical evidences for both sides. Hourly chart of Nifty suggests more trouble for bulls as long as Nifty trades below 9370, while crossover and stay above 9450 would be taken as short term uptrend.
Daily chart of Nifty is posing a distant possibility of trend reversal subject to lot of ifs and buts. Whatever may be the case, next few trading session are of paramount importance.
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
