arvind6261

IS NIFTY GIVEN FALSE BREAKOUT OR YET TO COME

NSE:NIFTY   Nifty 50 Index
Price remain above the green dotted trend line , opened gap up and remain their for 1 hr , but next hr candle invalid its movement, on invalidation shorts could be opened up for targets upto narrow thin box as drawn on prev chart. technically price did not touch trend line and nifty closed above prior day range, hence bullish momentum remain intact. change your sentiment only if nifty goes below green trend line . also daily candle is spinning top for validation next day candle required, if nifty closes below this daily candle then only bearish nature on nifty could be seen.

1. if nifty opens gap up above upper red resistance line or near red dotted line it may have tendency to fall back so wait for first 1 or 2 candle on 15 min time frame then initiate trade for tragets upto white box . further if buying seen from white box or from red upper resistance line on 15 min time frame buying for targets red dotted line or solid red line may be seen.
2. if nifty opens gap down near green support box pullback may be seen upto white box, further more on gap down conditions any pullback may be treated as fresh shorting opportunity for the targets may be upto green dashed line or green solid line.
3. if nifty opens flat at white box or near it wait for first hr candle make a range as upper and lower lines at this candle, then on breaching at any side longs or shorts can be initiated. for the targets as drawn in chart .

disclaimer ++++
please trade on your own risk, this is for educational purposes only.
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