It looks like Nifty is forming a IVHS pattern on 15/30 min TF. The neckline of IVHS is around 17480-17500 levels which will be a strong resistance.
RSI is showing divergence in 30 min TF which might indicate an upmove. 17200-17250 is the next strong support for Nifty which is very close to the CMP and hence, a short trade might not be a good option.
However, US market and tomorrow morning's opening will be a key deciding factor on trend for next week.
This is my personal opinion on Nifty just for educational purpose and kindly trade as per your own analysis.
RSI is showing divergence in 30 min TF which might indicate an upmove. 17200-17250 is the next strong support for Nifty which is very close to the CMP and hence, a short trade might not be a good option.
However, US market and tomorrow morning's opening will be a key deciding factor on trend for next week.
This is my personal opinion on Nifty just for educational purpose and kindly trade as per your own analysis.
Trade active:
Wow, gap up opening at 17450.
This was completely unexpected.
This was completely unexpected.
Trade closed: target reached:
IVHS Breakout of neckline is done.
WE can expect a bullish move now. 17600 is an immediate resistance where we can see a retracement.
WE can expect a bullish move now. 17600 is an immediate resistance where we can see a retracement.
