Good morning friends,
I said this earlier too and repeating it now also. Longer Nifty stay below 18000 levels, higher will be chance for 17600-17500 levels.
Does this result the change in trend. 50 Days Moving average is nearing at 17700 levels. Pattern wise is is looking for short term trend reversal. I am not saying that long term is going to chance in anyhow. We are far too higher than those levels.
For todays trading, Nifty will face 17960 < 18000 < 18050 levels. I am finding it easier for slip towards 17800- 17700 levels.
Take a note what has happened on Wednesday. It slipped two hundred points then bounced 100+ points and then slipped again by 150 points. This is not easily manageable.
Happy Trading.
