Nifty 50 opens with a gap at 18087 vs the previous close at 18036.
Nifty immediate was resistance is at 18100-18125.
First Hour Candle did not take out the resistance nor the support, hence waited for further confirmation for new short trades.
Following hour prices did break the immediate support at 18030 and moved lower towards the next support levels around 17850
There is a formation of Cypher pattern on the hourly chart suggesting PRZ around 17900-17880.
Now what's for tomorrow
Today's candle is a bear candle with a long shadow, suggesting buying at lower areas and volatility may also rise.
The market might open flat or gap down tomorrow.
The market is near major demand 17850-17650, and rsi is also near 40 support hence careful with short trade positions, as we might see spikes.
Nifty immediate was resistance is at 18100-18125.
First Hour Candle did not take out the resistance nor the support, hence waited for further confirmation for new short trades.
Following hour prices did break the immediate support at 18030 and moved lower towards the next support levels around 17850
There is a formation of Cypher pattern on the hourly chart suggesting PRZ around 17900-17880.
Now what's for tomorrow
Today's candle is a bear candle with a long shadow, suggesting buying at lower areas and volatility may also rise.
The market might open flat or gap down tomorrow.
The market is near major demand 17850-17650, and rsi is also near 40 support hence careful with short trade positions, as we might see spikes.
