Nifty is creating downtrend cannel pattern in 30 min charts. We can short the Nifty when its in the top most of the channel. If it breaks then market is bullish.
As we have seen profit booking in upper zone, so kindly be a little more cautious in market.
Since the past 1 month, NIfty future is hovering in the range of 15700-15900. There is strong support at the levels of 15700 and resistance can be seen at the level of 15900. This provides a good positional trading opportunity.
Buy at the lower range of around 15700 and keep target of 15900 with the stoploss of 15650.
Forming similar pattern like Apr-Jun
On price action
However, if you observe rsi
In Apr-Jun momentum was rising
This time, its falling
So, wait for confirmation either
on price or bullish divergence
for making any buy position
Do Not Short the market ,Market is not gonna red forever...
My own view is this correction is too small like 4-5 trading session....after this correction you will see market like rocket.....
U can see that trend line on chart , every time market is taking support from our trend line and making it as Strong support ....draw this trendline on weekly time frame and...