As I said yesterday, Nifty is weaker below its 20-SMA (on the daily chart). Nifty failed to breach the 20-SMA line on the daily chart and settled below it. The further uptrend is not confirmed until the Nifty closes above 20-SMA. (on the daily chart). It came all the way down to 17980 level from the day top of 18113. Yesterday, I did mention unless Nifty stays above R1 for at least 30 mins further uptrend is not guaranteed.
GOOD FROM THE DAY
1] NIFTY DID MANAGE TO CLOSE ABOVE THE 18000 LEVEL WHICH IS POSITIVE.
2] NIFTY DID SHIFT ITS IMMEDIATE SUPPORT TO 17980 LEVEL AFTER RETRACING BACK 2 TIMES AROUND THAT LEVEL AFTER GOING TO CONSOLIDATION (AS I MENTION YESTERDAY).
IMPORTANT POINTS TO NOTE
1] Immediate resistance is now the day high i.e., R1
2] Support and Resistance levels are shown on the chart
3] INDIA VIX is still above 15 unless it falls around 15 market's up-trend will not be swift and smooth.
4] On 15 minutes Chart, the closing candle is above the 20-SMA line which is a positive note.
MY VIEWS: As I mention Nifty will consolidate and the same happened, it ended the day session on a flat note. Nifty will find it hard to breach the physiological 20-SMA level on the daily chart and close above it. It has to breach that level so the further uptrend opens up. I expect the market to breach both 20-SMA and R1 in the coming sessions. Once Nifty breaches those levels further uptrend is possible otherwise it will fall back and find support at S1.
THESE ARE ALL MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSE
GOOD FROM THE DAY
1] NIFTY DID MANAGE TO CLOSE ABOVE THE 18000 LEVEL WHICH IS POSITIVE.
2] NIFTY DID SHIFT ITS IMMEDIATE SUPPORT TO 17980 LEVEL AFTER RETRACING BACK 2 TIMES AROUND THAT LEVEL AFTER GOING TO CONSOLIDATION (AS I MENTION YESTERDAY).
IMPORTANT POINTS TO NOTE
1] Immediate resistance is now the day high i.e., R1
2] Support and Resistance levels are shown on the chart
3] INDIA VIX is still above 15 unless it falls around 15 market's up-trend will not be swift and smooth.
4] On 15 minutes Chart, the closing candle is above the 20-SMA line which is a positive note.
MY VIEWS: As I mention Nifty will consolidate and the same happened, it ended the day session on a flat note. Nifty will find it hard to breach the physiological 20-SMA level on the daily chart and close above it. It has to breach that level so the further uptrend opens up. I expect the market to breach both 20-SMA and R1 in the coming sessions. Once Nifty breaches those levels further uptrend is possible otherwise it will fall back and find support at S1.
THESE ARE ALL MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSE