On 14th Nov. nifty opened gap-up and touched almost 50% retracement level of fall from 5317 to 5142 at 5229 but could not sustain above the level and sold off from there took support at 5141 before closing at 5148.
Nifty Ahead: As per global cue the fall can continue upto the level of 123% of total fall of 5317 to 5142 at 5099. Both Daily and Hourly indicators are oversold and daily RSI (5 day) is well below 20. So, a bounce back can take place from 5100-5120 zone.
Possible development of +ve divergence in intraday trade setup can help us recognize the reversal.
5 Day EMA (5201) is trading above 20 Day EMA (5175) but is falling on the latter. It may be touch and go affair. In that case first rise situation will develop. Otherwise bears will reign.
Trade: Long may be initiated in 5100-5120 zone with SL of 5085 for target of 5150, 5170, 5195
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