Nifty: Short-term downtrend, but primary uptrend intact
Nifty is currently in a short-term downtrend (green trend line), but the primary uptrend (white trend line) is still intact. This means that the overall direction of the market is bullish, but there is currently some corrective selling happening.
To confirm the direction of the market, traders should wait for a breakout from the short-term downtrend. A breakout above the green trend line would be a bullish signal, while a breakout below the black trend line would be a bearish signal.
In the meantime, traders should be cautious and avoid taking any fresh long positions. They can also consider booking profits on their existing long positions.
Trading strategy:
-Wait for a breakout from the short-term downtrend before taking any fresh long positions.
-Book profits on existing long positions.
-Be cautious in the meantime.
To confirm the direction of the market, traders should wait for a breakout from the short-term downtrend. A breakout above the green trend line would be a bullish signal, while a breakout below the black trend line would be a bearish signal.
In the meantime, traders should be cautious and avoid taking any fresh long positions. They can also consider booking profits on their existing long positions.
Trading strategy:
-Wait for a breakout from the short-term downtrend before taking any fresh long positions.
-Book profits on existing long positions.
-Be cautious in the meantime.