- SGX NIFTY is already trading down with almost 20-25 points down and trading near 16250 NIFTY will also follow this.
On Monday Nifty has made a high near 16324 and closed near 16254 so which levels we need to follow for today market that may be good entry for buy and sell . so we will follow the chart for getting levels for entry .
as you can clearly check . Nifty is trading below trendline that is forming from lower highs .
If NIfty broke the trendline and sustain some times above trendine you can take an entry near pullback and you can take a target near 16320 and 16360 .
if we talk about support area of nifty so Nifty has made some gap near 16140-16170 it will be act as Nifty support . If this support breaks you can see low levels till 16100 and 1600.
Scenario -1: If nifty sustains 16250 it may go up till 16300 and so on .
Buy near 16250 for some target .. and this time it will acheive very quick so it may be risky . if you get some points quickly exit .
Scenario -2: If nifty not sustains 16250 for some time it may again slip to 16170-16150.
Short below 16250- target- 16170 -16150
For Banknifty if NIfty is getting weaker then banknifty will also follow this.Disclaimer : This analysis is totally based on my knowledge and my experience it may give you loss or profit so kindly contact your financial advisor before taking any trade . if you will losse i will not responsible for this .
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