Nifty has fallen around 400 points from the day high. An bearish engulfing candle has been formed. The moving averages are close enough and will form a bearish moving averages cross over in the coming sessions.
On the hourly charts, the market touched the 20 ema and reversed, giving close below the recent low of 17260.
The markets are bearish in short to medium time span. Sell on rise is what we will look for in this kind of a market.
Even on 15 minutes charts, market remained for selling, the first candle gave some upside move and after that there was a huge sell off.
Support :- 17130, 16950
Resistance :- 17250, 17450
The market is in bearish momentum. Let the market show some recovery and sell on rise will be preferred.
Wait for the price action near the price levels before entering the markets.
On the hourly charts, the market touched the 20 ema and reversed, giving close below the recent low of 17260.
The markets are bearish in short to medium time span. Sell on rise is what we will look for in this kind of a market.
Even on 15 minutes charts, market remained for selling, the first candle gave some upside move and after that there was a huge sell off.
Support :- 17130, 16950
Resistance :- 17250, 17450
The market is in bearish momentum. Let the market show some recovery and sell on rise will be preferred.
Wait for the price action near the price levels before entering the markets.
