Nifty 50 IndexShort
Nifty weekly analysis
Nifty closed at 19047 with little rebound on Friday session. On weekly charts, it closed below the trendline and broken the neckline of H&S pattern . Hence, overall trend is bearish.
Strategy based on weekly charts:-
Since Nifty has broken the trendline, this trendline may act as resistance in near term and if Nifty closes below Friday's low(18830), then next support is 18670(100 DEMA)- 18350 - 18200 (base trendline ) which might act as strong support based on chart pattern.
If Nifty crosses above 19100( above close of 25 Oct 23), then target would be 19300( 50 DEMA ) . Till then sell on rise/ short on Nifty holds good.
Strategy based on weekly charts:-
Since Nifty has broken the trendline, this trendline may act as resistance in near term and if Nifty closes below Friday's low(18830), then next support is 18670(100 DEMA)- 18350 - 18200 (base trendline ) which might act as strong support based on chart pattern.
If Nifty crosses above 19100( above close of 25 Oct 23), then target would be 19300( 50 DEMA ) . Till then sell on rise/ short on Nifty holds good.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.