Nifty Short Term View 28th October - Sea of Red
In my previous report I had shared that we need a close above 18450 for a decent rally in Nifty futures, which did not happens as price started correcting even before testing 18450.
Trend is now down in hourly charts & flat in medium term chart. Nifty futures closed negative by almost 1.96 %. All important sectoral indices also closed in red, although psu banks, metals & realty pack were the worst outperformers.
17850 to 17750 this 100 points price band is a strong support band due to Fibonacci retracement & volume profile tools. In hourly charts Nifty futures is oversold incase if we witness a small bounce back than 18000/18020 may act as immediate resistance. If price wants to correct further than it needs to close below 17750 & sustain below it only than we may see lower levels coming up.
Trade Less Trade Wisely !!
Trend is now down in hourly charts & flat in medium term chart. Nifty futures closed negative by almost 1.96 %. All important sectoral indices also closed in red, although psu banks, metals & realty pack were the worst outperformers.
17850 to 17750 this 100 points price band is a strong support band due to Fibonacci retracement & volume profile tools. In hourly charts Nifty futures is oversold incase if we witness a small bounce back than 18000/18020 may act as immediate resistance. If price wants to correct further than it needs to close below 17750 & sustain below it only than we may see lower levels coming up.
Trade Less Trade Wisely !!