Nifty could fall more if the price manages to close 17968 in day basis.
The breakout below 17968 could trigger a fall up to 17820 and then a sharp reversal can be seen.
The bounce could be up to 18150 from 17820.
Below the 17820 levels, the long unwinding may start. This should be the stoploss for longs.
Keep in mind, the RSI is at 50, if RSI falls below 50, then the fall could be faster till 30.
Best setup: Buy at PRZ ( between 17820 and 17720) when the RSI is near 30 or below.
Happy trading :)
This is just for educational purposes.
The breakout below 17968 could trigger a fall up to 17820 and then a sharp reversal can be seen.
The bounce could be up to 18150 from 17820.
Below the 17820 levels, the long unwinding may start. This should be the stoploss for longs.
Keep in mind, the RSI is at 50, if RSI falls below 50, then the fall could be faster till 30.
Best setup: Buy at PRZ ( between 17820 and 17720) when the RSI is near 30 or below.
Happy trading :)
This is just for educational purposes.
Stop loss for the longs is being hunted brutally. therefore we are witnessing 17725. If the swing won't stop here for the day then we can see the swing to the next low 17600.