Nifty 50 IndexUpdated Nifty - Possible pause/reversal from here not outright bearish
Nifty has been in a very bullish trend and has recovered almost 900 points from the lows of 16800 to 17700.
Although this bullish trend might continue but some retracement is due and various factors are going to hamper its up movement from here.
1. Trendline joining Covid lows and the previous swing low of June 2022.
2. Trendline joining previous swing highs
3. Doji at the top is a possible reversal signal
4. Double top formation / RSI divergence in 1hr
4. Supply zone near 17750-17800 zone
If it does indeed reverse it needs to first break below 17660 to show break of the recent swing low to confirm the change in trend before any trade can be taken. Post break of 17660 we can see targets upto 17460 and 17320s.
But seeing FII positioning in options and futures which are very bullish for this week we need confirmation before going into the trade. Also if the first 15 min candle today is bullish and finishes above previous day high or 17800 we can see further up movement.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.
Although this bullish trend might continue but some retracement is due and various factors are going to hamper its up movement from here.
1. Trendline joining Covid lows and the previous swing low of June 2022.
2. Trendline joining previous swing highs
3. Doji at the top is a possible reversal signal
4. Double top formation / RSI divergence in 1hr
4. Supply zone near 17750-17800 zone
If it does indeed reverse it needs to first break below 17660 to show break of the recent swing low to confirm the change in trend before any trade can be taken. Post break of 17660 we can see targets upto 17460 and 17320s.
But seeing FII positioning in options and futures which are very bullish for this week we need confirmation before going into the trade. Also if the first 15 min candle today is bullish and finishes above previous day high or 17800 we can see further up movement.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.
Order cancelled
No trade. Was wrong about direction
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.