#Nifty50 has recently formed bearish engulfing candle right below 78.6% retracement. Also MACD has also formed bearish Peak-Trough divergence which is rare divergence but quite strong.
Possible support on the downside comes at 17800-17850 zone and then next at 17550 level.
At current scenario, better to remain stock specific and follow strict SL and keep booking profit where possible. Once index goes below 18000, will start reducing positions and be light.
Above view negates if index closes above 18460 level which is the immediate high.
Possible support on the downside comes at 17800-17850 zone and then next at 17550 level.
At current scenario, better to remain stock specific and follow strict SL and keep booking profit where possible. Once index goes below 18000, will start reducing positions and be light.
Above view negates if index closes above 18460 level which is the immediate high.