chambalabs

Seems Bearish but....

NSE:NIFTY   Índice Nifty 50
1. Nifty OHLC are below yesterday, after lots of consolidation - Bearish
2. The candle is green - Not Bearish, But with long upper wick, closing just below the yesterday's low - Bearish signs
3. MACD has crossed over Bearish.
4. With SL at 11770 and target 11305 - It seems like good Risk Reward Ratio
5. However, It clearly has taken support at 11618 level, which was the last resistance - May go down if it opens below this level and stays there or it may take support here and go up - Things can turn either way. And this is very important. So, despite 3 Bearish signs and a good Risk Reward Ratio, this point alone is enough to stop from going short.

Conclusion - Do not go short till the support of 11618 is broken.

Tomorrow things could be much clearer. It is best to either stay out or take hedged positions.

When in doubt, stay out. Or In case trade setup may be for a short, with a stop loss of 11770, short it with a HEDGE... NIFTY
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