Nifty 25000 Breakout Retest & Gap Play
Updated
Hello friends, today I am sharing my view on Nifty with all of you on the smaller one hour time frame Hope you will like my publication.
So as we all know that after making a high of 25000 we saw some correction in the price and after this high Nifty also made a low of 23890 and after that low we also saw a good recovery which brought us to the levels of 24400, but since we again saw a slight decline from 24400 that is why I have marked this level as resistance on the provided chart. So as you can see now on the chart that in the last working session that resistance has been broken and the closing has also come above it So in this situation while we are seeing bullish strength we can hope that we can again reach the levels of 25000 because global markets have also improved a lot. In such a situation if the price comes down and bounces after touching the marked resistance, then I think we can see good long positions being created from there. Along with this, two gap zones have also been marked on the chart which can be filled during the upward movement duration but resistance for the price can also be seen from them. Although this is not a trading idea but still if something important happens I will also share the update with all of you. As of now I would prefer to wait for the breakout retest for better confirmation. Thanks for reading hope you will boost my idea thank you.
Best Regards- Amit
So as we all know that after making a high of 25000 we saw some correction in the price and after this high Nifty also made a low of 23890 and after that low we also saw a good recovery which brought us to the levels of 24400, but since we again saw a slight decline from 24400 that is why I have marked this level as resistance on the provided chart. So as you can see now on the chart that in the last working session that resistance has been broken and the closing has also come above it So in this situation while we are seeing bullish strength we can hope that we can again reach the levels of 25000 because global markets have also improved a lot. In such a situation if the price comes down and bounces after touching the marked resistance, then I think we can see good long positions being created from there. Along with this, two gap zones have also been marked on the chart which can be filled during the upward movement duration but resistance for the price can also be seen from them. Although this is not a trading idea but still if something important happens I will also share the update with all of you. As of now I would prefer to wait for the breakout retest for better confirmation. Thanks for reading hope you will boost my idea thank you.
Best Regards- Amit
Note
Gap area one filled completely and now price entered in resistance zone and gives a close in it on same time frame chart which i used for this publication so from here if it will break marked resistance zone and close above we can see 25000 levels again.
Note
Hello mates sharing an update as you can see that price was consolidating very close to resistance (24800) was hinting that it is going for a resistance breakout this time or maybe that is the reason we are seeing a good gap up open above that resistance today and sustaining very well so far and moving towards marked target, so far price reached 24946 from 24540 levels after a breakout of gap area one resistance. Thanks for reading and supporting my publication friends.
Trade closed: target reached
Target 25000 reached today, Closing this publication will come with a new idea on Nifty soon mates. Thanks for reading and supporting my idea.
Published chart-:
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.