Nifty formed today bearish belt formation which is a indication of selling pressure for entire day.
Today nifty opened near life time high but all the fresh buyers trapped in the market which closed there weak position in last one hour which further trigger the long unwinding.
Now nifty come under new range between 11700 to 11500 with Negative bias.
What we should do -
Intraday
sell below 11620-30, Target 11550, Stop Loss 11640+
Positional
i would stay away from any positional trade for the time being on Index.
For individual stock Pharma looks better, i have a buy on torrent Pharma which still looks good on daily charts.
Today nifty opened near life time high but all the fresh buyers trapped in the market which closed there weak position in last one hour which further trigger the long unwinding.
Now nifty come under new range between 11700 to 11500 with Negative bias.
What we should do -
Intraday
sell below 11620-30, Target 11550, Stop Loss 11640+
Positional
i would stay away from any positional trade for the time being on Index.
For individual stock Pharma looks better, i have a buy on torrent Pharma which still looks good on daily charts.