It was a reversal day for the Nifty with a gap up opening and close below previous days close. Nifty is likely to witness selling today. But, as the daily chart has good bullish strength built into its indicators, this minor correction will provide opportunities to trade long on the Nifty in the lower time frames. The last hour trades on the Nifty saw pretty high volumes recording 156% above average. This is an indication that the fall is likely to continue. Global markets too support this pattern.
NH-NL is yet to turn up in the favor of bulls, shorts on the daily chart with weekly direction is still valid. On the first weakness in the daily chart and a tick down, traders can short Nifty on the daily time frame for a target below previous lows. This will be a good trade and remember shorts give faster exits and bag full of cash.
As the markets go down, some of the weaker long signals have given exits to their stocks at a lower risk levels. Visit bttcalls.com to know more of the stocks that reap rich rewards.
Team BraViSa.
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