Good Morning friends,
With words of caution, we have saved ourselves from unnecessary long trade. Nifty slips throughout the day without any great recovery. I am analyzing Nifty on hourly chary. It is plotted above. One can easily sense that Nifty has support at 15600, a level which gave maximum rebound.
If it breaks it can dip as big as 15460 levels. As long as it is staying above 15460-15300, we can say that medium term trend remains up and these fall are just the pullback.
Still, I suggest do not hunt the bottom. There can be some volatility and we may get a volatile bottom which may not be easily catchable.
Happy Trading,
