Today Nifty opened gap down by 60pts to 7270 level, and made
high of 7293.35 that is below yesterdays low, during the day nifty was trading
in range of 7200-7300, we have seen some short covering around 7200 levels, finally Nifty manage to
close above intraday ATP(average traded price) 7251.
Nifty future has corrected almost 4.5% from 7534 to 7200 in
just 3 sessions. Risk reward ratio is in favor bulls, it’s time to book profit
in shorts. Swing traders can Buy Nifty future above 7295 that today’s high. In short term trend will be Positive above 7300 level in
futures, with strict stop loss of 7190 for target of 7365 and 7425. Fresh short
position can be initiated only if nifty sustains below 7190 for target of 7121 in futures.
Support – 7190, 7155 Resistance – 7300, 7365
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