NIFTY50 Update - Index Analysis - 6th May #indices
NIFTY50 Update (1W TF) - 6th May, 2024
- Trading inside the channel as of now
- The Support Zones are marked out
- A weekly candle will give us clarity on which side the Nifty may head to
- This should help choosing our Swing Trades as well
If you are in FOMO:
- Then ensure to choose stocks that are at Weekly support levels only
- Do not jump into falling knives which are away from their support levels
* Disclaimer
- Trading inside the channel as of now
- The Support Zones are marked out
- A weekly candle will give us clarity on which side the Nifty may head to
- This should help choosing our Swing Trades as well
If you are in FOMO:
- Then ensure to choose stocks that are at Weekly support levels only
- Do not jump into falling knives which are away from their support levels
* Disclaimer
On a 15min TF:
- Nifty is swinging nicely on either side
- Everyone is getting trapped on both sides
- As mentioned previously, volatility is going to be high till the 1st week of June
On a Daily and Weekly TF:
- I've put out the Daily TF and the Weekly TF charts to show you what it looks like and where we stand
- Its been respecting all our trendlines drawn out to some clarity (as well as per our last updates)
- However, there's still scope for it to come back to the 22,000 levels before it makes an upward move
- Due to the volatility on a daily basis, this will pyschologically also affect swing trade entries and exits
- So please follow your risk management and dont try to predict the markets
* Disclaimer