Hello, I am sharing my short term view in Nifty and Bank Nifty. As you can see in this NF and BNF daily chart from the year 2015, Yesterday Bank Nifty gave breakout of this channel and managed to give close above 31000. If BNF will close above 31000 in next 1 or 2 days then it will confirm this breakout and no need to worry about the gap (gap on the daily chart on 20th May) for short term. A similar pattern in Nifty as well but Nifty will give breakout above 12000 on a closing basis in the daily chart. I am 100% bullish in the market for the short term. On the day of the election result, the market moment was very surprising for me. The big event, VIX, Crud, Currency everything was positive for the market but it was not managed to closed on days high. Anyways its the best time to make your portfolio for long term investment. You will get lots of good companies at a discount price. People buy more thing in the sale, the same sale is going on in the market. It's time to increase investment in smallcap and midcap.
Did you try it on Log scale weekly and monthly chart ? On log scale, resistance line started from the high of 2007
swapnilchoksi
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@tradetechadvisors, hi. the first breakout will come on daily chat then if it will sustain above the breakout then it will come on weekly and monthly chat. So I want to stay with my daily chart study. and one advise for your post on 28th May for nifty short, ignore indicators on higher time frem especially when you are an intraday trader. Thank x :)
UnknownUnicorn4260559
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@swapnilchoksi, thanks for your advise but we have experienced indicators impacting much on longer time frame, particularly in case of divergence. We apply top to bottom approach to decide on intraday trade. It gives us one more level of filteration. Surely, will back test your advise.
Premkumar2783
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The upper trendline which u had drawn in Nifty started from November 2010