Disclaimer: Don't just blindly Trade or Invest, learn and then trade. Manage your risks properly. 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!!
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See in 15mins time frame, the purple trendline is tested for 2 times and retraced back. High chances that purple trendline can be taken out with good momentum. So till then wait & watch.
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Complete range-bound market. Let price decide its way. wait & watch is the strategy.
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See the power of knowledge. Full strength breakout from the T1 level. As suggested earlier.
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In point number 2 I have said that if green zone & orange is taken out then more fall is expected but now I am saying if the green zone is taken out in 1Hr or 15mins but only breached the orange & couldn't able to take out then it may bounce back upside. Trade carefully.
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Nifty is sustaining at T2 levels. It may take out T2.
Trade closed: target reached
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From here uptrend has begun for the target of 11315
After US markets are soaring high, will indian market will reach t2 on monday?
Lakshmundhada
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@ShauryaSinghal, That depends on SGX Nifty opening on Monday!! Then other factor to consider is if Nifty 50 opened gap up then we have look at price action meaning we have to understand what price is saying!! And it might just touch T2 or just makes a high below T2 and then can fall if not sustained.
ShauryaSinghal
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@Lakshmundhada, oh okay. Thanks. Hope it reverse from here, as i had taken weekly put 1oct 10800 strike price, and having a loss. It was quite a bad trade. Any suggestion here?
Lakshmundhada
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@ShauryaSinghal, You should have exited the position when it took out the purple trendline bcoz i had already mentioned that if the trendline is taken out then the target will be T1.
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.