Recently, the Nifty has been rejecting from a resistance level. This means that the index has been attempting to move past the resistance level but has failed to do so, and as a result, the price has started to decline. This rejection from resistance indicates that investors are not willing to buy at these higher price levels and are instead taking profits or looking for better entry points.
Traders who use technical analysis can use this rejection from resistance as a signal to potentially take a short position or sell their existing long positions. They may use additional indicators or chart patterns to confirm the rejection and potentially profit from the downside movement.
It is important to note that rejection from resistance does not always lead to a significant decline in price. The price may consolidate or move sideways before making another attempt at breaking through the resistance level. Therefore, it is crucial to use other tools and indicators to confirm the rejection and make informed trading decisions.
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you can see, today is 22 feb, we have analyze the chart on 20 feb, it is going as per our move,
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today is 3rd march, you can see the nifty is performing as per our chart resistance and support.
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As of March 13, 2023, it appears that the Nifty index has continued to move in the direction that was analyzed after the downmove on February 2, 2023. This suggests that the analysis was accurate and may provide insight into future market movements. However, it's important to note that the stock market can be unpredictable, and there are many factors that can influence the direction of the Nifty index.
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As of March 15, 2023, it appears that the Nifty index has continued to move in the direction that was analyzed after the downmove on February 2, 2023. This suggests that the analysis was accurate and may provide insight into future market movements. However, it's important to note that the stock market can be unpredictable, and there are many factors that can influence the direction of the Nifty index.