1. If one is looking to initiate long in NIFTY then one must wait for strong daily closing above 17830 which is acting as a heavy suuply / resistance. 2. But there is also a stong demand / support zone which starts at 15950 will may act as a good buying zone if at all the price goes there.
That is the mistake with most common people do in market. Nifty is at 16700 and when it comes and give breakout at 17800 then there most retail trader take entry for long because resistance had broken, but those people who had bought at 16700 they start selling and new seller's take entry there and instead of going up, market will fall down and when stoploss hited then again it recover.
Only blindly following then chart will make your Stoploss hit every time. Technical analysis plus you also use some of your psychology to get better results.