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
----------------------------------- Trading Strategy ----------------------------------- ----------------------------------- Part A - Mixed Outlook ----------------------------------- 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
----------------------------------- Part B- Bullish Outlook -----------------------------------
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.
------------------------------------- Last Idea on Nifty -------------------------------------
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.
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
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
Comment
⋅
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
Trade active
⋅
1:16 pm / 1st Feb 2022
Last @ 17324
Hope you booked partial profits in the fall close to 17260 which key support
Comment
⋅
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
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.
Comment
⋅
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.
Comment
⋅
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.
abhishek sir , N50 gap fill kar sakta hai kya , jo aaj morning ka gap hai,
RahulDevDhanauli
⋅
@ansh_ji , Haan kare ga bilkul kare ga Thora time le ga bas.
Parasuram
⋅
or wait for it break the lows of the day?
Parasuram
⋅
how about shorting with stop loss above 17785? 61.8 % retracement
WaveTalks
⋅
@Parasuram, No. Don't do that as confirmation of down move comes only below 17525 which is far from current levels. Wait for market participation below 17700 or sell only below 17525.