Nifty Trade Setup for 16 MAR 2022
Nifty found a support at PDL and bounced back during closing and managed to close on a bearish note below the next day CPR.
Looking at the global parameters at this point of time, nifty is expected to have a gap up opening around Previous day high.
Unless the PDH is sustained and support is confirmed going long is risky.
In case Nifty opens above R1 resistance tomorrow and R1 is compromised and resistance confirmed we can trade for short till CPR & previous day closing price.
Expect a volatile market as Dow Jones is on a raise and Chinese market has collapsed by almost 5%, so tomorrow trading will be interesting to watch out.
Looking at the global parameters at this point of time, nifty is expected to have a gap up opening around Previous day high.
Unless the PDH is sustained and support is confirmed going long is risky.
In case Nifty opens above R1 resistance tomorrow and R1 is compromised and resistance confirmed we can trade for short till CPR & previous day closing price.
Expect a volatile market as Dow Jones is on a raise and Chinese market has collapsed by almost 5%, so tomorrow trading will be interesting to watch out.
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