NIFTY (SAR & TIME CYCLE ANALYSIS)
Updated
PLOT EXPLANATION:
This study is just an extension of the previous NIFTY OUTLOOK predicting the Nifty downside reversal on 2ND Dec (Pinned to the Chart). Previously we noticed that Nifty follows a 55 Trading sessions Cycle, where it makes important Lows & Highs after every 55 Trading sessions. It has been plotted on the chart for a better understanding.
A parallel channel has been plotted to mark the important intermediary support and resistance. The upper part of the channel has been marked as “A” and lowers one as “B”. Line B acts as a support; Nifty has taken support on 27 July 2022, 30 Sept 2022 & 1 Feb 2023. Line “A” acts as a resistance, Nifty has taken Resistance on 6 Oct 2022 and finally break out.
Nifty has already given breakout from the 2 months downtrend on 14th Feb 2023. Currently from 16 Feb 2023, Nifty is taking resistance at the same line but it is expected to breakout gradually on the upper side, until the 17750 level is not violated for continuously 3 sessions. And going by the 55 Trading sessions cycle, the upside reversal date remains to be at 21st Feb to 23rd Feb 2023.
CONCLUSION:
So hypothetically an upside reversal in Nifty may start in-between 21st to 23rd Feb 2023. A good momentum can be seen once Nifty Moves above Line “A”. Once Nifty trades above the Line "A", then I will update with the targets. If Nifty starts trading below 17750 for 2 to 3 trading session, then this study remains negated.
Updated image of the previous NIFTY TIME CYCLE Study for a better understanding of ‘55 Trading sessions’ Time Cycle in NIFTY
CHART & ANALYSIS
ADARSH DEY
This study is just an extension of the previous NIFTY OUTLOOK predicting the Nifty downside reversal on 2ND Dec (Pinned to the Chart). Previously we noticed that Nifty follows a 55 Trading sessions Cycle, where it makes important Lows & Highs after every 55 Trading sessions. It has been plotted on the chart for a better understanding.
A parallel channel has been plotted to mark the important intermediary support and resistance. The upper part of the channel has been marked as “A” and lowers one as “B”. Line B acts as a support; Nifty has taken support on 27 July 2022, 30 Sept 2022 & 1 Feb 2023. Line “A” acts as a resistance, Nifty has taken Resistance on 6 Oct 2022 and finally break out.
Nifty has already given breakout from the 2 months downtrend on 14th Feb 2023. Currently from 16 Feb 2023, Nifty is taking resistance at the same line but it is expected to breakout gradually on the upper side, until the 17750 level is not violated for continuously 3 sessions. And going by the 55 Trading sessions cycle, the upside reversal date remains to be at 21st Feb to 23rd Feb 2023.
CONCLUSION:
So hypothetically an upside reversal in Nifty may start in-between 21st to 23rd Feb 2023. A good momentum can be seen once Nifty Moves above Line “A”. Once Nifty trades above the Line "A", then I will update with the targets. If Nifty starts trading below 17750 for 2 to 3 trading session, then this study remains negated.
Updated image of the previous NIFTY TIME CYCLE Study for a better understanding of ‘55 Trading sessions’ Time Cycle in NIFTY
CHART & ANALYSIS
ADARSH DEY
Trade active
As expected Today no upside Reversal was seen in Nifty. Nifty haven't yet breached 17750 Level.Trade closed: stop reached
SL Triggered. I missed understanding the change in character of the market. Will update with a new chart. For now this study stands to be invalid.
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