Mighty Nifty - Small retracement!

vanathi Mod Updated   
NSE:NIFTY   Nifty 50 Index
On 12th Jan Nifty formed an ascending triangle , indicating price action will move up. On 13th Jan we had a spike movement in opening. At the end of the day, nifty formed a descending triangle indicating price action will go down. I have taken smaller time frame so that the triangles will be more visible. On breaking the triangle's base at 8375 Nifty can move up to 8300. History always repeats itself. If you check past history when new president step in to power in US, share markets will boom. As bank nifty has regained its strength, it wont allow nifty to fall further. Bank nifty is moving inside the rectangle . When it breaks 18750 it will go up to 18550. This retracement will last for 2 or 3 days only.
Comment: You can check bank nifty's chart here.
Trade active
Comment: Nifty is still sideways, didnt break the triangle's base. Hope tomorrow the movement will be good. Still I am bearish about nifty.
Comment: I will change my bearish view about nifty at the price 8462 and this trade will get cancelled at 8462 only.
Trade active: Bank Nifty has synchronised with Nifty. Short Nifty 8416 with stoploss 8462
Comment: Mighty Nifty has broken its silence!
Comment: 1/22/17 Forecast for next week nifty movement before expiry - Resistance 8372-8380(spot) Supports are 8325,8260,8200(spot). One should close their short position in expiry as pre budget rally is expected.
Trade closed manually: From 8416 to 8375 gained 41 points. Human error in fixing the target(the target should be at the gap up(8325). Nifty took support there)

Success Log.For live maket analysis follow me in telegram.
To learn about system trading,

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.