Nifty opened with a huge gap today @ 18215( vs. yesterday's close @ 18127).
The index saw a sell-off in the first hour of the trading, followed by weakness in the next following hours as well, and made a low of 18064.
Though it recovered post 1.30 p.m and was able to close near the day's High.
Today's candle: Long legged Spinning candles
Candle Interpretation: Long-legged candle at highs, suggesting increased volatility and increased risk of buyers trapping at highs.
Since all the time frames still look good and the price is also positive, one can still hold their long position but with strict stop loss, and it's better to play light in the current market price scenario.
IMMEDIATE SUPPORT: 18160 - 18166
IMMEDIATE RESISTANCE: 18200-18240
The index saw a sell-off in the first hour of the trading, followed by weakness in the next following hours as well, and made a low of 18064.
Though it recovered post 1.30 p.m and was able to close near the day's High.
Today's candle: Long legged Spinning candles
Candle Interpretation: Long-legged candle at highs, suggesting increased volatility and increased risk of buyers trapping at highs.
Since all the time frames still look good and the price is also positive, one can still hold their long position but with strict stop loss, and it's better to play light in the current market price scenario.
IMMEDIATE SUPPORT: 18160 - 18166
IMMEDIATE RESISTANCE: 18200-18240
