On 8th March tried to break the range on upside but the attempt was rejected. Within next 2 sessions Nifty touched the lower end. Lower end is also the lower range of the gap that was created during the budget move
After 12th March Nifty took support on lower end. of the range. If you observe it took 3 sessions to absorb the selling on 12th March. Nifty made a Lower High as marked on chart. Yesterday there was a good gap up opening, but it didn't sustained and Nifty reached the lower end of the range. This makes my view slightly on bearish side, but will wait for the Range Breakout/Breakdown.
When there is range breakout usually big moves occur. Check Attached links for references
If Nifty Breaks down there is no immediate support in between till the indecision zone marked.
Bank Nifty has already reached the same indecision zone. Check the Chart Below
Comment
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Comment
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After seeing 2 days move. Looks like Nifty is taking support at the lower end of the range, formed a strong hammer as above and on daily chart gave a piercing candle.
Currently buy on dips till it holds the low of 22 April. 14527 above there will be strong move.
Trade closed: target reached
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now as we have captured 300-400 point move and we have reached at higher end on of the range.