Time for Action! Nifty is out of its range bound slow grinding.
In the short term, Nifty is down till Thursday 27 June – next 3 days and plan is to short Nifty after an intraday bounce – which is around 10:38 today.
In the long term I had already said Nifty is down till Sep end. 6th June was a top.
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Nifty went down from a very weak intraday resistance at 9:20 itself. If another bounce back comes in during the day, we will go short.
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10:38 will now be support....and resistance will come at 11:46
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So 10:38 did offer some support. There are 2 resistances - 11:46 and 12:22, price action at these times will determine where to short, please wait for confirmation, thanks!
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So 11:46 got skipped, lets wait for 12:22
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Action: Short here for target around 9450 and more till Thursday. Stoploss: 9550 NS.
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Nifty now at lowest point of the day. Lets recheck at 13:13, there is a minor support there.
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Typo in the title: Its 27 June and not 23 June.
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13:13 pushed it down further....good for us. Next support only tomorrow.