DAILY TREND: UP
The Daily trend of nifty has turned up yesterday, and BUY call for nifty has triggered.
Reason 1: Price bounced from support.
Reason 2: Hammer, which indicated bottom
Reason 3: Price opened above hammer.
Conclusion:
This is a short term buy signal for nifty. Enter long with tight stops with half of position size. Exit the position on first reversal. This is counter trend trade, have tight stops.
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