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Nifty analysis : Trade in-line with the downward momentum

NIFTY ( Daily Chart) :

The index is moving in an overall downtrend in weekly & daily chart making lower lows & lower highs.Currently price is trading below prior short term swing low of 7720 layer of support which will act as a flip resistance now where we'll look for price action sell signal to join the overall downtrend.In case, 7720 layer of resistance doesn't hold the upmove, we'll still be bearish in this index momentum & we'll look for price action sell signal again on 7970 & 8350 level of resistances to trade in-line with the overall downmove.We see 7440-7540 layer as strong support zone which needs to be broken for the price to move much lower than current level & 6200-6360 layer is seen as key support level in monthly chart which could be used as target level once the index starts falling below 6200 level of support.Pls note – we never enter a trade directly when a support level is broken as we need to checkout whether that break of support is a valid break or false-break & then accordingly we apply our trading strategy to trade the sell-off towards support.

SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.

PLS NOTE : All chart analysis posted here are the author’s own idea of trading for educational purpose only &  not any form of advice or recommendations or opinion to anyone.



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