Reversal from 17200 (24th March 2023)

1. U.S Markets closed lower yesterday.

2. At one point of time , U.S Markets were higher by more than a percent.

3. U.S Markets yesterday behaved similar to Indian Markets.

4. We trade in U.S Markets as well so in the first half Markets were higher.

5. There was huge selling in the second half.

6. Yesterday in the first half Markets were smooth and were gradually inching higher.

7. As soon as Nifty hit 17200 , there was a big sell off.

8. Nifty and Bank nifty closed at the lowest point of the day.

9. Right now , U.S Futures are slightly higher.

10. SGX Nifty is down 20-30 Points.

11. Asian markets are mostly lower.

12. Now the range for nifty is 17000 to 17200.

13. This is the short term range.

14. As soon as 17000 gets taken out we would be heading towards 16850.

15. So the markets are clearly weak now.

16. It is a sell on rally Market.

17. There will be some minor pullbacks in between.

18. An inexperienced trader would try to trade minor pullbacks and make pennies out of it.

19. Experienced trader would look to short at key levels and follow the trend.

20. Do not trade against the trend , you would make pennies in small trades but when you lose it will be big

21. General tendency of people is buying the dip.

22. Shorting doesn't come naturally to them , as a trader you gotta be flexible.

23. If you are only a Bullish trader then wait on the sidelines.

24. Be a trader who is flexible trading both the sides..

25. Then itself you would survive for a longer term here

26. Nifty might trade between 16850 to 17150 today .

27. stockmarketadvisory.in

Comments

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