aks85
Short

NIfty- Descending Channel- Bearish View Till 8811-8820 holds

NSE:NIFTY   Nifty 50
184 0 8
Why I consider Nifty             to be bearish in the days to come?
It is been observed that the price is moving in a descending channel forming lower highs and lower lows, indicating down trend in the daily charts . On Friday, the price resisted the upper channel and also the 50 day SMA forming an important candlestick pattern, the Hanging Man indicating further weakness. Therefore, expecting the price to move towards the lower band of the channel in the days to come.

Exit Levels:
Conservative Traders: 8735-8740
Aggressive Traders: 8811-8820

Expected Levels: 8600. 8500. 8420.

PS: For beginners

How do I execute my trade?
Being a conservative trader I prefer to initiate my trades as close to the exit levels. I always try and let the price come to my levels, rather than just initiating a trade at the levels with which I might not be very comfortable. Following this process I miss out on a few trades, but no regrets as market is full of opportunities.
Also, I give equal emphasis on risk management as I give to technical analysis , thereby helping me not only to protect my capital, but sometimes also convert my losing trades into profitable ones. There is more to the risk management part which I will share in my following posts.
Comment: first target done. Well on its way to 8500.
Comment: 8500 done.
Comment: book profits 8410
India
United States
United Kingdom
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out