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ravibhadrappa_TCFMRA
Jan 28, 2021 7:25 PM

Nifty'50 Support & Resistance Zones for 29th Jan'21 Long

Nifty 50 IndexNSE

Description

Nifty may take a snap recovery on 29th Jan'21!

+ Price taking support at golden fibonacci level (61.8%) and 50EMA, between 13,705 - 13,750 Levels
+ Day is closed with a Doji candle at the bottom of Bollinger Band
+ Fibonacci level, Bollinger Band bottom, 50EMA... is making the area of confluence and signifying indecision and possibilities of 'U' turn
+ A strong bullish candle on 29th Jan, lead to formation of Morning Doji Star

- Higher selling pressure can be witnessed, if price breaks 13,450 levels

Reco:
Buy 14,100 Calls (CE), if price sustains 13,945 on 30/60mins TF
*Target: Spot price 14,100
*Stop Los: Spot price falling below 13750

Regards,
Ravi Bhadrappa
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