TradingView
Bravetotrade
Feb 16, 2023 4:56 AM

Is it a Reversal in Nifty? 

Nifty 50 IndexNSE

Description

There are a few things worth noticing on this chart:

⚡A support build around 17800 during Dec2022 and Jan2023, which was broken down at the end of Jan2023
⚡Sellers could not sustain this breakdown and buyers did some absorption at around 17800 in the first half of Feb2023
⚡Market faked the breakdown and sustaining above the budget day resistance 17972 or so
⚡Market managed to break above a down trendline of Dec2022-Jan2023 highs
⚡Market is near historical resistance 18100 (April and September 2022 swing highs)
⚡Next resistance zone 18200-18250

💰Now the million-dollar question, has the market reversed on the upside?

🧐Looking at the price action discussed above, yes it seems true that there are higher chances of reversal. Yet a sustained action above 18250 will confirm this hypothesis

Do not forget to hit the 🚀 button for more such ideas.
Good luck.

Comment

In the following chart there is a rejection at the resistance zone mentioned above. Where this rejection can take us?
✔17800 zone which has been a pivotal level of support or
✔Lower, in case it wants to build a range around budget day candle highs and lows

Looking at the previous day action I still hold the view that there was a stopping action around 17350-17500 zone and this pause may build more energy for a sustained up move.
However, we should let the market jump above 18250 and show its strength for taking safer bets.

Trade safe and have a profitable week ahead.
Comments
johntradingwick
Good work, JJ bhai. 🤝

I still expect a pullback from this supply because the structure is still bearish. Nevertheless, I am always flexible with my bias.

Bravetotrade
@johntradingwick, You are absolutely correct. As mentioned we are getting into resistance. And its always to good to put a seat belt on into those zones. Market twists have made us turn more flexible :)

For those who do not know John bhai is talking about bearish market structure which means there are currently lower highs and lower lows on the chart. The structure will turn bullish after there is a higher high followed by higher low and so on.
A close above 18250 will confirm that change.
AfnanTAjuddin
Glad to see conversation of TV Moderators on Nifty.
Bravetotrade
@AfnanTAjuddin, Thanks for your feedback. Constructive discussions are always welcomed.
InvestPro_India
@johntradingwick, Agreed, pull back expected.
AMIT-RAJAN
Sir that is nice I think you published at the right time it's a good idea with nice description 🙌🙌
Bravetotrade
@AMIT-RAJAN, Thanks 🙏
sandeshprabhu85
This seems legit although i think it needs to cross and hold above 18235 to go long as there might be profit booking on higher levels.
Bravetotrade
@sandeshprabhu85, Correct, that will be a safer choice.
sandeshprabhu85
@Bravetotrade, I've got a few charts i'd like to discuss with you if you don't mind. Would love to have a second opinion
More