Hello friend sharing daily chart of benchmark index Nifty 50 again for taking a view of from where it can get a pullback and till where it can give a retracement again so as you can see after that after hitting all time high of which was 18887 levels it is coming down and made a low near about to 16850 demand zones which is indicating a clear down trend as we can see by creating a lower lows patter after making all time high and current price is 17624, after getting bounce from demand zone of 16850 it made a swing high of 17863 which was higher then the previous lower lows levels but failed to hold that levels from where we can expect the uptrend could be resume for s a news all time highs, So these 17800 to 17900 levels will act as a strong resistance too if it the price will try to go up because a gap on daily chart is also standing there, and personally I believe that such type of resistances in trading cannot be broken in one two attempts (observed many times on many charts) so that is why I am expecting a pullback rally again to demand zones again straight from here or after a up move from resistance and we can see a selling pressure again from there resistance levels too so that is why I am sharing some views on it below.
⚡⚡IDEA NUNBER ONE-: It can go straight from to demand zones again from here because the results season of Indian stocks is almost over without getting a charm of extraordinary numbers and got mixed results.
⚡⚡IDEA NUNBER TWO-: It will see a selling pressure again at resistance levels and will came down again for testing of demand zones both prices indicating the highest open interest levels after 18000 levels.
⚡⚡IDEA NUMBER THREE-: We can see an identification of new trend if it will break and close below 16790 levels and go up to 16200 levels which is identified from weekly chart.
⚡⚡IDEA NUMBER FOUR-: For starting of an up trend it has to break and close above 17900 levels on daily chart a gap resistance will also filled in this process.
⚡⚡PRICE LEVELS-: Resistance zone 17800 to 17900 levels
Demand zone 17100 To 18900 levels (Daily closing basis)
hardwork sir - too detailed analysis, 45-50 mins must have spent on this
AMIT-RAJAN
⋅
@be_you_akshay Thank dear brother, yes it took almost 4 hours to draw and set actually i am very slow in drawing so did two hours yesterday and two hours today 😅
Rakshi19
⋅
great i love the way have draw and showed sir
AMIT-RAJAN
⋅
@Rakshi19 thank you so much, Glad to know you liked 😀
deepakupreti100us
⋅
NIFTY hanging around a zone from past 5 days, will give a sharp breakout or down. Friday it did breach the low but managed to pull back coz of DII buying. Today with Reliance and Icici no's it can breakout.