Nifty - Possible Leading Diagonal / Bearish Gartley

Jan 31, 2022

The leading diagonal or rising wedge or type-1 diagonal, is a narrowing price move composed of two converging trendlines.

If bottom or lows of 16836 & 16866 holds then Index can push upside tomorrow on account of Budget 2022


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Trading Strategy
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Part A - Mixed Outlook
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Buy Above 17325 - Target 17410 / 17500 - Going into the PRZ (Potential Reversal Zone)

Sell Below 17500 Only if Index halts in PRZ (Potential Reversal Zone)- Target 17260

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Part B- Bullish Outlook
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Finally, Buy If Index halts & takes support at 17075 or look to buy close to 16865- Keep in mind these supports should not be broken.

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Last Idea on Nifty
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Feb 1, 2022

Trade active

10:28 Hrs / 1st Feb 2022

Last @ 17575

Today's session will be most volatile so manage your trades carefully.

Index has crossed the suggested Key level 17530 & violated Gartley pattern & touched new high close to 17600.

Trader's have to be careful here unless Index crosses above 17600 & holds the level- Bulls are likely to book profits.

Any profit bookings before Budget session starts could make Index slip hard downside.

Feb 1, 2022

Trade active

10:37 Hrs / 1st Feb 2022

Last @ 17557

Careful At Tops of 17600 as per latest comment suggested at 10:28 Hrs above

Feb 1, 2022

Trade active

12:09 Hrs / 1st Feb 2022

Last @ 17590 / Current High @ 17622

Careful again at the Tops of 17600 - It could be just irregular push upside making new high at 17622

Feb 1, 2022

Note

12:39 Hrs / 1st Feb 2022

Last @ 17563

Fall was sharp from 17600 & close by levels & dropped to 17500 - which looks like bulls not ready to leave.

So, Any fall below 17500 / 17450 only will be early indication that bears could become aggressive & at present will act as dynamic support.

Look to book partial profits close to 17500-17525 zone at the moment.

Also Remember, Index moving above 17625 - Bulls will add their positions more

Feb 1, 2022

Trade active

1:16 pm / 1st Feb 2022

Last @ 17324

Hope you booked partial profits in the fall close to 17260 which key support

Feb 1, 2022

Note

1:18 pm / 1st Feb 2022

Last @ 17385

Drop started close from 17600 which was irregular push & warned at the top not once but twice / thrice...

Before the fall testing trader's patience



After The Fall & Close to Key Support where partial profits have to be booked as suggested in main update & few mins back

Feb 1, 2022

Trade closed manually

1:39 Hrs / 1st Feb 2022

Last @ 17452

Has Index Started - Its Plan B from modified support 17260 approx. Day Low @ 17244.

Any new fall should be considered only below 17245.

Thanks & Have A Nice Week Ahead.

Feb 1, 2022

Note

2:41 Hrs / 1st Feb 2022

Last @ 17577

As a trader never forget supply zone 17600-17622 where Index struggled in morning session. Bulls will come only if Nifty crosses above 17625 or It may drop again to 17260 levels or lower.

Feb 2, 2022

Note

10:35 Hrs / 2nd Feb 2022

Last @ 17722

Careful in 17700-17740 zone if falls & holds strictly below 17700 then Index may slip to 17525 & if 17525 is broken down then 17245 will be the target.

Thanks