Nifty 50 Today's sharp recovery The recovery could be possible because of the RBI meeting on 10 Aug so some profit booking is seen before the expiry day.
1. Profit booking.
2. Failed the head and shoulder pattern.
3. Major support shifted to 19400.
4. Major resistance 19750
5. Character of the market is changed, Breakout is not shown and retracement is needed.
How to take trade
A- If the market opens flat, wait for continuity and a breakout of 19650.
B- If the market opens a gap up shows high buying but kills the momentum trade is risky to take on high levels.
C- If the market open gap down indicates buyers are trapped and will be sideways.
1. Profit booking.
2. Failed the head and shoulder pattern.
3. Major support shifted to 19400.
4. Major resistance 19750
5. Character of the market is changed, Breakout is not shown and retracement is needed.
How to take trade
A- If the market opens flat, wait for continuity and a breakout of 19650.
B- If the market opens a gap up shows high buying but kills the momentum trade is risky to take on high levels.
C- If the market open gap down indicates buyers are trapped and will be sideways.