Today’s candle in Nifty is a Squatting Candle.
Such a candle absorbs supply, increases demand, and then absorbs demand too –
It closes far below the high, making people think the market will fall.
Even buyers exit their positions.
This way, it traps both sellers and buyers, and then gives a big, clean move in the direction of the trend.
So I clearly say – Market trend is bullish, and we may see a big move in the coming days.
We just need a follow-up move tomorrow to confirm this.
Till then, Nifty levels:
Resistance: 24865 / 24900
Support for tomorrow: 24690
Stop-loss (SL) for all short-term holdings: 24460
Important Note:
Tomorrow is RBI’s meeting and also the last day of the week,
So we can expect a shakeout.
#BankNifty needs attention too because it has very strong momentum.
If 56200 is crossed, we can see a big breakout.
If that happens, keep an eye on all PSU Banks.
Short-term support in BankNifty: 55250
That’s all for today.
Take care. Always use proper Stop-Loss in all your positions.
#NIFTYBANK