Here’s is a story of price action in Bharti Artl Ltd. Share. The scrip opened Gap up with a High-wave Candle. In the first 20 minutes price was finding stiff resistance near 737 levels from where a considerable sell off came in the afternoon of last session. Please refer the 5-minute chart below.
Bears were able reign in and took price down by 9-10 points in the morning. At 11:20 A.M., price found resistance near daily pivot 'p' second time. In RSI, Negative Reversal had formed. This was a pullback short entry. Favorable Risk-Rewards ratio was also present.
I entered a short trade, but closed the trade prematurely for a small profit reacting to the price action. Nevertheless, price moved according to plan. I am happy that I could construct a story today. Price filled the morning Gap cleanly. Price later hit previous day low in its downward move.
What about Nifty 50?
Today Nifty 50 index opened 125 points wide Gap up. Throughout the current session, Nifty moved sideways around 17160 zone marked by a horizontal box. Pivots 'p' and 'r1' acted as support and resistance.
By pivot width analysis, we can see that the current day pivot width is wide and is almost same as yesterday’s width. So, once could expect a sideways day for Nifty 50 morning itself. Please refer the 5-minute chart below.
