This analysis is purely for EDUCATIONAL purpose, just to give an idea on the price movements!!
DO NOT FORGET to put your own STOPLOSS!! KEEP STRICT STOPLOSS!
1) Green zone is the strongest support, earlier it was used to be the strong resistance. If price sustained above this & take out the solid pink line along with purple trendline in 1Hr then a pullback up to T1 will be seen and if T1 is taken out then T2 will be achieved. Also, it can retrace back from T1 if not taken out. Price should take out the purple trendline in 1Hr time frame in order to move upside.
2) On the contrary, if the green zone & orange line is taken out in 1Hr then more fall is expected till the blue line. If the blue line is also taken out in 1Hr time frame then the white zone is the target.
3) Also since this green zone is very strong support & selling pressure is more, the price can be range-bound between pink & orange zone.
4) If today Nifty opens GapDown i.e. below green zone then wait for some price action at lower time frame and trade accordingly. Today will be the DECISION DAY for Nifty!!
If you earn from my ideas, kindly consider donating a small part of your profits to those in need.
Always trade what you see, never trade what you feel.
So till then wait & watch.
As per me, nifty will touch 11300 bcoz bank nifty is strong now. At 11300 we will know that is it the dead cat bounce or not!
But as per my psychology, this is a true change in trend.