Post-market analysis: Bank Nifty in downtrend (17th May 2023)
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Today's fall was quite an easy catch if you had caught the downtrend right. Let's discuss reasons why the fall was evident and how one could have played this fall by shorting (selling). Below are the 7 charts that discuss how intra-day works.
Chart 1: Nifty (1 hour)
As you may notice below, the Nifty 50 gave two important confirmations of down-trend during the start of the day:
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