Nifty in the last 2-3 sessions has lost 400 points which shows some bearish basis market but it will retrace before another fall.
In case of a gap up opening, there will be a sideways expiry for nifty. Otherwise, after a gap down, there will be a recovery or profit booking in positional/swing trades.
It trading below the 20 ema (daily) and may come to retest the moving average or previous support levels.
Major support levels :- 22095, 22000
Resistance levels :- 22210, 22270, 22430
Negative price action formation around the resistance/support level can be traded in intraday with strict SL.
Wait for the price action near the levels before entering the market.
In case of a gap up opening, there will be a sideways expiry for nifty. Otherwise, after a gap down, there will be a recovery or profit booking in positional/swing trades.
It trading below the 20 ema (daily) and may come to retest the moving average or previous support levels.
Major support levels :- 22095, 22000
Resistance levels :- 22210, 22270, 22430
Negative price action formation around the resistance/support level can be traded in intraday with strict SL.
Wait for the price action near the levels before entering the market.
