Nifty opened gap down today, it tried to fill the gap it created today, but couldn't sustain at higher levels and closed almost where it opened today.
If you see the today's candle formation, its like a inverted hammer candle, but the structure of the candle is of lower low and formed after gap, hence not very important for support purposes.
Now what for tomorrow ??
If we see the previous price action, prices did close at the critical support , it is the area from where the price bounces various times, so we need to be careful while creating new short positions.
So for tomorrow, considering today's closing , I am expecting nifty might open flat or gap down and if opened as per expectation, and sustains below 15700 - 15750 it might test support zone of 15630-15580 and only decisive close below this level could exaggerate selling in the index and could move uptill 15400 levels.
Supply zone : 15700-15750
Demand zone : 15630-15580
If you see the today's candle formation, its like a inverted hammer candle, but the structure of the candle is of lower low and formed after gap, hence not very important for support purposes.
Now what for tomorrow ??
If we see the previous price action, prices did close at the critical support , it is the area from where the price bounces various times, so we need to be careful while creating new short positions.
So for tomorrow, considering today's closing , I am expecting nifty might open flat or gap down and if opened as per expectation, and sustains below 15700 - 15750 it might test support zone of 15630-15580 and only decisive close below this level could exaggerate selling in the index and could move uptill 15400 levels.
Supply zone : 15700-15750
Demand zone : 15630-15580