My study remains same.
"Short only if Nifty sustain below 5185-5183 levels". A threshold of lower side is constantly drifting lower with small margin. Initially it was at 5193 > 5191 > 5183.So this is going to be very crucial zone of support.
Take a note that break below 5185-5183 should guide us towards 5103-5090 levels. Rate cut or no rate cut, sooner or later, those has to come.
On higher side if Nifty sustain above 5241 then only it can be a buy. Have look on above chart. 5240 is the impulsive low of Friday's trading session. Cross over should take us towards 76.40% retrechment which is at 5278 levels.
(Note - retrechment is not a simple study. You must know which wave is going to retreched at which time).
I have no trading position as of now. Do take a note that FIIs were on sell side yesterday with massive qty.
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Thanks & Regards,
Praveen Kumar
