Nifty Hits Targeted Support — Bounce Expected, But Weakness Stil

Nifty Hits Targeted Support — Bounce Expected, But Weakness Still Not Over

NIFTY hit our targeted support today, so we exited the shorts we were carrying.
I already shared the update with all of you here.

I entered the 26300 PE (30 Dec) at 222 yesterday and exited today at the mentioned target, capturing nearly 80% of the move.

Having a solid week already! 🎉

Now Nifty has almost touched our projected support zone and bounced from there — exactly as expected.

However, the overall weakness is still present.
So the Sell-On-Rise plan remains active.

- Nifty’s Pivot is now 25981 with a Pivot Percentile of just 0.02%.
- The Macro Index also moved higher today.

Both of above points indicate a bounce probability for tomorrow.

The key resistance I’m watching is 26088.
If Nifty sustains above this level, the Sell-On-Rise plan becomes invalid.

The idea is simple:
Use this bounce to short when
• sellers’ volume appears near the day high, or
• support breaks again.

These are the two short setups I’ll be watching.

On the equity side, setups are still limited, but the Auto sector looks strong and I’ve shortlisted a few names from there.

That’s all for now.
Take care. Have a profitable tomorrow.