NIFTY 04 SEPTEMBER 2023 : Likely resistance for Nifty is at 19480 to 19500. Unless it goes strong above 19500, it can see dip again.
Friday's bounce is another attempt by the bulls to save support. It moved too far and went above 19400 levels. I see a threat unless it goes strong above 19500 levels. Support has been tested too many times and hence it must be weaker now.
For today's trade, one can expect higher opening but then I will look for an opportunity to short at higher levels on suitable signal. My stop loss will be just above 19500 levels. Where is support, immediate intraday support at 19400 levels itself which can be easily broken as it is not the most meaningful figure.
In short, the market is not safe to buy. Let us see. Traders must wait and watch for some stong candle pattern to emerge near resistance to short.
Join the conversation