Hi all, it's been a long time since I posted an analysis on Nifty. If you haven't checked out my last idea, be sure to check it out to get a better understanding of how the price moved in the last one month.
Let's see how the price is moving now and what all we should look at!
- The price gave a clear down move from 16800 to 15200 level, without any significant pullbacks. This indicates a strong selling pressure and a clear sell side imbalance. - The HTF structure is still bearish as evident from the market structure. The price is forming lower highs and lower lows.
- There are a lot of supply zones, swing levels, and unfilled gaps on the upside that should act as resistance. - If we see the swing from 16800-15200, the price is trading at a discount. The HTF sellers will try to sell any rally in the Premium zone. - The HTF remains bearish until and unless the prices closes and sustains above 16800.
- On LTF, the price has tested the supply at 15600-15700 and it seems like the supply has been absorbed because the zone seems to be acting as a new support.
- I am also posting the distribution and accumulation schematics on the LTF just for the Wyckoff traders.
- All the important LTF levels have been marked on the charts along with the psychological level of 16k. - There is an old LTF supply area at 15900.
- If the price manages to push above, expect it to test 16200 which is also a strong supply area. - How the price reacts in the vicinity of 16k will decide the future course of Nifty.
Thanks for reading! Hope this was helpful.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers! Rajat Kumar Singh (@johntradingwick) Community Manager (India), TradingView