Range of nifty and trend line analysis with S/R

Jan 3, 2023

The parallel channel indicates range of nifty with time and the channel line will act as support and resistencie. A breakdown a few days back is confirmed false one. One can take long and short positions based on the channel in which nifty is trading. Any direction exit out of the channel should indicate a possibility of breakdown or a breakout, with confirmation assumed when an entry into the channel after exiting channel is rejected.

Jan 8, 2023

Note

NIFTY50 price is supported twice in the green zone since 23rd December 2022 and, therefore a double bottom is achieved with a bullish-hammer from lowest lows in more than 8 weeks time.

Jan 9, 2023

Note

As per the closing of Nifty50 in IST; price has gained support near lower channel and above the green zone. Hinting a possibility of price push up till the red zone on 10-01-2023.