tRex88

Nifty day chart analysis

NSE:NIFTY   Nifty 50 Index
1) NIFTY             on day chart has been trading withing a symmetric triangle since early Feb
2) Trading below 89 DEMA and 144 DEMA and SuperTrend giving a sell signal. We can ignore this sell signal as long as Nifty             trades above 10170 on weekly close basis. In a trending market lagging indicators tend to give false signals upon a pull back/correction.
3) A break above 10630 is important and could see a gain in momentum
4) A break below 10300 could take Nifty             towards 10180-10170 zone. This zone could be crucial in determining long term direction in days to come.
5) Stochastics and RSI are currently indicating likely range bound action in upcoming sessions.
6) Triangle median is at 10480 and this level is going to be important.
Comment: Symmetric triangle as seen on hourly chart
Comment: Symmetric triangle as seen on hourly chart

Comment: Nifty appears to have taken bounce at the triangle bottom and now could move towards the median at 10480.
It could face some resistance at 10430-10420 before touching the median
Comment: Nifty faced resistance at 10430-10420 and could not sustain. Hence moved it towards the triangle bottom. On hourly chart there was a strong fight and finally triangle bottom was broken.
We can expect 10180 in upcoming trading session
Also we can see "W" shape recovery holding up.... Any declines must be used to go long.... SL for ALL LONG CAN BE 10170....
+1 Reply
very good and descriptive analysis, thanks for posting
+1 Reply
tRex88 nalinakshi
@nalinakshi, Thank you madam :)
Reply
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out