Nifty Today - 6th June
➡️Sgx nifty indicating a gap down open around the value zones 16560
⚠️Brent crude has passed the levels of 120 usd which the market seems to be ignoring for now
➡️Intraday momentum indicating a slow down in momentum
Ideal strategy would be to look for the formation of a bearish reversal pattern around the value zones
➡️ 16500 acting as the support zone for the bulls
➡️ Keep the trades intraday & take the trades in favour of the momentum
⁉️ Am i bearish
No , I'm not bearish on the over all market , just a bit more cautious while initiating long positions since the nifty remains in a down trend
➡️ However if we do hold the levels of 16500 in the first hour of trade & we do see the formation of a bullish continuation pattern idea would be to test a long trade if we see follow through from the over all market.
➡️ Wishing my friends a fruitful and profitable trading day 👍
☕ Cheers
⚠️ Disclaimer
Information shared is for educational purposes only kindly do your own due diligence before initiating any trades
