Fin Nifty Support&Resistance Levels for 8th Oct Tuesday

Oct 7

Fin Nifty Support&Resistance Levels

Bias :- Bearish
Strategy :- Support and Resistance.
Reversal Pattern:-Pull back to resistance areas.

Finnifty taking support on 100 EMA on daily front since it formed a big red candle using fibs can help to trade.

Prior day candle 400 points fall.

Midpoint is 23440 Area(Reverse or Breakout).
Low is 23120.(Reverse or Breakdown).
High is 23744.(Reverse or Breakout).
Close is 23221.(Reverse or Breakdown).

Wacth price action on those levels above to take entries accordingly, use fibs for targets from the entry points.

Educational purpose only , do your analysis before taking calls.

Oct 8

Note

opened at support held checking midpoint of prior day here look for price action a rejection to short or breakout to long.

Oct 8

Note

Short entry on mid point as mentioned in idea above

Oct 8

Note

first target acheived

Oct 8

Note

Stuck in range, only above 23520 or 23430 below will be a good moves otherwise sideways all day (only 1 proper trade set up found on midpoint of prior day candle which fetched 80 points)

Oct 8

Trade closed manually

ended sideways as expected

Oct 14

Trade closed manually

Break out 23500 and now it is support twice it rallied from the support area once break out happened.