Nifty Direction

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Nifty as seen has broken the channel it followed for last 2 months , below 20EMA , MACD -ve , FII figure mostly negative from beginning of Aug 2023 - enough evidence for its weakness. Immediate support for Intraday ranges between 19300 - 19240 . Going long is not advisable till Nifty crosses 19650 zone. Mostly we are going to see Gap Down opening.

Intraday traders should wait ( given tomorrow is a holiday ) and try to short or buy put when nifty retraces checking the mood of market through advance - decline ratio.