NIFTY day chart analysis - Channel and 200 day SMA

May 8, 2019

200 day SMA and channel bottom support coinciding as shown.
A crucial level hence a bounce or break could be highly decisive in determining the direction of NIFTY in days to come.

For now we are on wait and watch mode.

May 14, 2019

Note

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Moving towards the channel bottom as plotted.
Lets wait and watch to see what happens here before we take any position.

May 15, 2019

Note

Moving as plotted

May 17, 2019

Note

So far Nifty moved exactly as per our previous analysis. Finding support at the channel bottom. The bounce could be a temporary one and it could come and re-test the channel bottom again.
Currently on wait and watch mode.

May 22, 2019

Trade active

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NIFTY is still trading within the channel.

11050-10950 is going to be a crucial support. IF this support is broken then there could be a huge sell off towards 10450-10030

STAY AWAY FROM TRADING for next couple of days!

May 22, 2019

Note

"Trading active" selected by mistake. Please ignore

May 23, 2019

Note

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Channel top going to offer string resistance. Watch out!

May 23, 2019

Note

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Channel top going to offer strong resistance. Watch out!
Retail traders enjoy the show by not trading for couple of days :)

May 23, 2019

Note

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Nifty facing strong resistance exactly at the channel top as mentioned above!

Jun 4, 2019

Note

Facing strong resistance t the channel top.

Jul 11, 2019

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