Day Trading Guide
Wednesday’s decline was the outcome of Nifty’s inability to sustain above 10,130. The index made a bearish candle, forming an engulfing pattern atop, as it continues to struggle around 10,130. However, the 33-point decline doesn’t take anything from Nifty’s structural strength. It’s only the lack of bull momentum at the top that has caused the early feebleness. The last half an hour’s index fall was led by BankNifty, intensifying selling pressure intensified as it broke below Tuesday’s low of 25,000. Multiple swing highs around 13,900 are seen in past four Nifty Private Bank index sessions. The same coincides with three-digit gann number of 139(00), which suggests presence of a hurdle zone at the top.