Nifty Hourly Chart
Has the Breakdown Happened ?
Nifty hourly chart is shown below where i have marked the support areas. 5393 was one Support the most important support will come near 5365-70 range if this get broken and sustained we will see a momentum fall.
Hourly Indicators are in Oversold zone and Rallies till 5455 should be used to short.
Nifty Fibo Chart
Now on Higher side we are having resistance @ 5434 and 5455 levels which should be used for shorting at rallies.
If we break this and 5365 Bears will have a GALLA time.
So watch out for 5440 level.
Levels for Todays Trade
Buy above 5411 Tgt 5432,5447 and 5470
Sell below 5388 Tgt 5375,5353 and 5330
Levels mentioned are SPOT
Market always follow the path of least resistance and always go against the crowd mentality.
Remmber this line will help you a lot to improve your trading 🙂