Is Nifty setting up for 13240 odd levels

NSE:NIFTY   Nifty 50 Index
Nifty 12771

- Nifty had a 166 point drop today
- as of now it does not look like the end of bull ride but just a pause....
- chart set up still suggests that it has unfinished business & has doors open for a move towards 13240 odd levels in short term
- minor resistance at 12830-12874 levels
- support at 12630-12572 odd levels
- pattern gets invalidated if weekly close is below 12430 odd levels

Take care & safe trading...!!!

- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be

Notice the zone of 12830-12874

How it acted as minor resistance intra day and then later the same zone provided support.... Levels working to perfection...



Sir, i want to understand the logic behind Nifty reaching 13,240.. do reply... i also think Nifty can go above 13,000 but want to know ur view .. is ur view based on earlier flag breakout

Dear friend
the logic behind the view is something to do with what I call as mirror image pattern....
the first time Nifty fell from 12430 levels in Jan 20, it dropped 816 points....

Sustaining above 12430 levels opened up doors for a 816 point up move roughly 13246

Hope that answers your question

Happy learning...!!!
I was waiting for someone to update a long view after today's fall. This provides a diff perspective which is important. Thanks
@Poison_1907, Welcome...!!!

Happy trading :-)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out