Rajandran R Follow Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Nifty Trading below the hourly resistance zone 5063

June 3, 2010 23 sec read

Nifty Hourly Chart

Nifty Hourly Chart shows that nifty is trading below the hourly resistance cloud i.e below 5063 which indicates still bears are hiding inside the system.

Nifty 15 min chart

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But when we look into the 15 min chart of Nifty spot it shows very short term support at 4986. At this point of time two type of trade is possible. Either short near the hourly reistance 5063 zone with minimal SL say 5080 or short on bearking the 15 min support zone which is currently near 4986 for shorter term positional nifty trades. Trading Shorts should be ignored if nifty is trading above 5063