Nifty was forming LH, LL structure on 45 min time frame since last few weeks.
16456 was the level to be watched out which was previous swing high and if that was taken out today in break away gap, so temporary structure have change. Now it is approaching a good resistive trendline ..and is still trading below 200 DEMA..
Lets see what we have in store for Nifty..
Nifty has rallied almost 1000+ points from the recent panic low of 15671.45 and while today's sell off was probably reshuffling in portfolio / profit booking and safe exit by some of the stuck players in long positions and with this sell off it did retraced back to 23% level of 16500ish.
We may see some more cool off till 38.2% / 50% level.
But if 50% level is taken out then it will again start tanking in my opinion.
Any reversal from these levels can be longed for targets of 16800/17000/17200/17400 levels depending upon momentum.
Support and resistances marked in chart and do keep in mind about the major trend line resistance
16456 was the level to be watched out which was previous swing high and if that was taken out today in break away gap, so temporary structure have change. Now it is approaching a good resistive trendline ..and is still trading below 200 DEMA..
Lets see what we have in store for Nifty..
Nifty has rallied almost 1000+ points from the recent panic low of 15671.45 and while today's sell off was probably reshuffling in portfolio / profit booking and safe exit by some of the stuck players in long positions and with this sell off it did retraced back to 23% level of 16500ish.
We may see some more cool off till 38.2% / 50% level.
But if 50% level is taken out then it will again start tanking in my opinion.
Any reversal from these levels can be longed for targets of 16800/17000/17200/17400 levels depending upon momentum.
Support and resistances marked in chart and do keep in mind about the major trend line resistance