NIFTY - 1 DAY TF - FOR 03/03/2022
Hello Traders,
NIFTY has been forming a parallel bearish channel for quite a while.
Now the closing price is exactly at the CENTRAL LINE of the channel and also at the very important HIGHER TIMEFRAME ZONE. ( acted as a support previously )
Price is now at INTERSECTION of these zones exactly.
1) There is a 330 POINTS gap between price levels ( 16705 - 17025 )
So, If NIFTY took support at the CENTRAL LINE of the channel the GAP FILL can happen.
2) Overall market is BEARISH according to OPTION CHAIN there is highest RESISTANCE at 16800 strike.
So , NIFTY can go to the CHANNEL'S bottom ( 16410 HIGHEST SUPPORT ZONE ).
Do comment your thoughts ...
Thank you <3
NIFTY has been forming a parallel bearish channel for quite a while.
Now the closing price is exactly at the CENTRAL LINE of the channel and also at the very important HIGHER TIMEFRAME ZONE. ( acted as a support previously )
Price is now at INTERSECTION of these zones exactly.
1) There is a 330 POINTS gap between price levels ( 16705 - 17025 )
So, If NIFTY took support at the CENTRAL LINE of the channel the GAP FILL can happen.
2) Overall market is BEARISH according to OPTION CHAIN there is highest RESISTANCE at 16800 strike.
So , NIFTY can go to the CHANNEL'S bottom ( 16410 HIGHEST SUPPORT ZONE ).
Do comment your thoughts ...
Thank you <3
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