NIFTY has closed on a negative sentiment on Friday with 1.7% cut. Index has given a continuation of Dark Cloud cover formed on 15 Sep. After Activation it has given more than 450 points fall. (17770-17295). Last day we planned to short below 17530 which hit almost all the targets (17530-17295). The range of 18100 and 18400 also shifted and we are heading towards 1st target of 17160. Below 17150 we will head 16900 and 16590.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 17375 then we will long for the target near 17500 if it is sustained then 17605 will be 2nd target.
On a flat opening if a 5 Min candle close below 17290 then we will long for the target of 17225, 17150 and below which we can expect more fall.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
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