In my last blog post, I discussed about the pessimism reflected in market participants behavior and in yesterday’s session, Nifty broke the immediate support placed at 10,780 to make a low at 10,701.90. The index closed with a loss of 0.83% at 10,710.45 levels.
Technical view– After a gap down opening on 19th June at 10,789 levels, Nifty has again formed a bearish candlestick on daily charts which indicates further follow through selling in coming sessions. The latest support for Nifty now stands at 10,699 mark and any break below this level may again witness a surge in supply.
Nifty is better suited for shorting as the bears already seems to have an upper hand.
Short term traders may again sell Nifty below 10,699 mark for short term targets of 10,650/10,605. Traders who are already short below 10,780 levels may move their downside targets to the mentioned levels.