Important levels for 04/10/2022.
We closed almost at day's low but with today's POC at the closing price, it is a difficult thing to know whether to look for shorts or longs. The higher time frame picture is bearish, but with buyer references nearby shorting at current levels would not give us a great RR.
The important levels to look is the untested buyer reference at 16751-16765. Comfortable shorts are only below those levels. Another set up for shorts can be see if we see a gap up followed by rejection at the seller reference area 17090-17148.
Not looking for longs at all currently.
To sum it up, it won't be a bad decision to not trade in nifty tomorrow.
We closed almost at day's low but with today's POC at the closing price, it is a difficult thing to know whether to look for shorts or longs. The higher time frame picture is bearish, but with buyer references nearby shorting at current levels would not give us a great RR.
The important levels to look is the untested buyer reference at 16751-16765. Comfortable shorts are only below those levels. Another set up for shorts can be see if we see a gap up followed by rejection at the seller reference area 17090-17148.
Not looking for longs at all currently.
To sum it up, it won't be a bad decision to not trade in nifty tomorrow.
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