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NIFTY price action analysis

NIFTY (daily chart) :

On dec-23rd post, we talked about looking for a breakout move above 7850 as price was consolidating between 7850-7740 levels. After a week now we see nifty giving a strong move up after a break of 7850 layer of resistance & yesterday NIFTY failed to move above it's prior two days high which comes around 7933-7943 which again created a short term resistance.As this short term resistance & rejection of price is seen near our key resistance of prior lower high swing resistance of 7970 hence we're taking the current rejection of price seriously.Since overall trend is bearish as per Transformation OF Trend behaviour, we're looking for price action sell signals around 7970 area using 60min timeframe.Below is the daily setup chart where we explained the reasoning of looking a short entry opportunity at current level & here is the 60-min timeframe ENTRY CHART analysis to seek a possible sell entry.7838,7721 & 7556 are the respective support areas are seen which could be used for trailing stoplosses & targets once we find a sell signal around 7970-7940 area of resistance.


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