Overall, the Nifty 50 index is likely to remain volatile in the near term. The index may see a bounce from the oversold levels, but the overall trend is still down. Traders should be cautious and trade with a stop-loss in place.
Here are some specific trade ideas:
Long trade: If the index bounces from the 50-day moving average at 18,700, a long trade could be entered. The stop-loss could be placed below the 20-day moving average at 18,600.
Short trade: If the index breaks below the 100-day moving average at 18,750, a short trade could be entered. The stop-loss could be placed above the 200-day moving average at 18,800.
Please note that these are just trade ideas and not recommendations. You should always do your own research before making any trades.
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