Nifty 50 IndexUpdated Nifty: Copnsolidation and 650 points breakout
Nifty twice has consolidated for 3 days and given a breakout of around 650-750 points each time as per the trend direction. lets check the details.
1st time on 14th-16th December (marked with a box) Nifty had consolidated for 3 days and then given a breakout of around 750 points. trend was down, nifty moved down.
28th-30th December (marked with a box): again Nifty consolidated for 3 days and again Nifty gave a Breakout of around 650 points before it moved down.
On 12th-13th January (marked with a box): nifty is again in consolidation mode, if today i.e. 14th January again Nifty is range bound. Expect good breakout on Monday.
If nifty starts moving above yesterday's close, still it will move up but maybe with a slow pace.
1st time on 14th-16th December (marked with a box) Nifty had consolidated for 3 days and then given a breakout of around 750 points. trend was down, nifty moved down.
28th-30th December (marked with a box): again Nifty consolidated for 3 days and again Nifty gave a Breakout of around 650 points before it moved down.
On 12th-13th January (marked with a box): nifty is again in consolidation mode, if today i.e. 14th January again Nifty is range bound. Expect good breakout on Monday.
If nifty starts moving above yesterday's close, still it will move up but maybe with a slow pace.
Note
Nifty created a range and gave a pullback at exactly (18146) 0.236 level of the day range. now it should move above 0.5 level 18175 and then
0.786 level 18208 of the day to move up further
Note
we touched 18208 which is 0.786 level, hope it sustains and moves above these levels to cross day's high and then .1.272 levelNote
We reach the day's high.Note
As per updated in the morning, we have discussed about 3 day consolidated as per examples stated of 14th-16th December followed by downward movement of 750 points (Trend was downtrend) and
28th-30th December followed by movement of 650 points (Trend was uptrend)
Today completes the 3 day consolidated, we should expect a 650-750 points upward movement from high of range i.e. from 18272 to 18922 or 19022.
Let wait and watch, if we are catching the trend right or not.
On other side after breakout from ATH of 18604 levels, we may also see some backtesting or consolidation before we move further, trade sensibly with proper SL and keep on booking profit at regular intervals.
Have a Happy Weekend!!!
Note
From High of 18350 650 points down is 17700.Note
The 3 day range bound was right650-750 points movement was right.
direction was wrong, the market had its own direction to follow but it get a systematic downward direction move.
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