Nifty Today - 10th June
➡️ Sgx nifty indicating a gap down open
➡️ Levels of 16000 acting as support
➡️ Intraday charts indicating that the momentum remains in favor of the bulls
➡️ Levels of 16390 acting as the intraday point of control
➡️ The focus remains on the announcement of the federal budget
⚠️ Brent at levels of 120 usd is cause of concern for the overall market sentiment
➡️ The ideal strategy is to look for the formation of either a bearish reversal pattern or a bullish continuation pattern at around the Point Of Control of 16390
➡️ The idea is take the trade in the direction of the momentum
➡️ The key index to watch would be the India vix , a drop of 5 to 10 percent on the vix would indicate confidence in the market participants
✅ How ever the key is to keep your trades intraday & make sure to take the trades in the direction of the momentum
➡️ Levels of 16560 acts as the value zone on the nifty & if we do form a bullish continuation pattern above these levels odds are we could retest levels of 17000+
✅ make sure to keep track of the India Vix
⚠️ Disclaimer
Information shared is for educational purposes only kindly do your own due diligence
Wishing my friends a fruitful and profitable trading day 👍
Cheers ☕
