FINNIFTY Sinks! TP1 Reached as Short Trade Bears Down on Market

17 oct.

Finnifty showed a clear bearish signal, leading to a short trade entry at 23841.50. The price has already reached Take Profit 1 (TP1) at 23701.40, confirming the strength of the initial downward move.

Key Levels

• Entry: 23841.50 – The short position was initiated at this level after confirming bearish momentum.
  
• Stop-Loss (SL): 23954.85 – Positioned above recent resistance to manage risk and protect against potential reversals.
  
• Take Profit 1 (TP1): 23701.40 – Already achieved, indicating a successful start to the trade.
  
• Take Profit 2 (TP2): 23474.70 – The next target as the bearish pressure continues.
  
• Take Profit 3 (TP3): 23248.00 – A further downside target if selling momentum holds.
  
• Take Profit 4 (TP4): 23107.90 – The ultimate target, marking a significant decline in the short-term trend
  

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Trend Analysis
The price has dropped below the Risological Dotted trendline, reinforcing the bearish trend. With TP1 already reached, the path to lower targets seems likely as sellers maintain control over the market.

The short trade on Finnifty has made a promising start with TP1 reached at 23701.40. Further downside targets, such as TP2 at 23474.70, could be in sight if the bearish trend remains strong.