Bearish bat appearing in Nifty 50. Price already entered PRZ. R2 Around 9550. We need to look for signs of reversals (if any) between 9480 and 9550. Trade only if strong signal bar appears as currently Nifty trading in a strong bullish momentum. ** Study only for educational purposes, do your own risk assessment before trading **
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9430 level is important. If broken, we can look for trade. Also this level is R1 for the day. Trade can be taken keeping R1 as SL. Waiting for a reversal signal is important though.
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Our watch for reversal is still active. Divergence seen in RSI in 5 and 15 min charts. Futures price for Jun < Spot prices (might be due to expiry today) These facts support our theory. 9450 is important level to watch for. If opening < 9450, and downtrend continues for first 5 min, we can enter a short trade.