Nifty Today - 21/06/2022
➡️ Sgx nifty indicating a gap up open above the intraday level of resistance of 15400
➡️ 15290 acting as the intraday support zone for the bulls
➡️ Idea is to test a long trade if we do hold above levels of 15400 for the initial 15 mins of trade and form a bullish continuation pattern
⚠️ Nifty remains in a down trend so make sure to test a long trade with a lower delta spread and add to the position size as the trade begins to move in your favour
✅Make sure to close your long trade if we close below the levels of 15290 on the formation of a 🐻 reversal pattern
✅ Make sure to take the trade in the direction of the momentum & market sentiment 👍
✅ The over all market seems overstretched , look for Follow through from the metals sector , it sectors , PSU banks , Pharma sector , midcaps etc
⚠️ Divergence in the indices could indicate lack of momentum
Wishing my friends a fruitful and profitable trading day 👍
Cheers ☕
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