NIfty Technical Review - Cautious approach at higher levels

NSE:NIFTY   Nifty 50 Index
On weekly chart , we can see nifty trading in a range of about 500 points. ( 10140-10180 - 9680-9690 )
As long as it is trading in this range, expect lackluster moves..

If we look at the price action closely , it is observed that a potential peak had been formed at 10140 levels , from where index saw a sharp decline, though it took support near 9680 levels, and saw rebound rally to 10140 levels and went beyond it and tested 10180 levels, but the rally couldn't sustain , and again saw a sharp decline. Second rally further confirmed the prior resistance zone of 10000-10200.

This entire price action is suggesting that NSE:NIFTY facing resistance near 10000 levels. and it could a be double top formation. Though its early to say, because index is still finding support near 9700 levels, Hence a break below 9700 levels is needed to support double top formation.

Keep an eye on 9700 levels, break below it , could see sharp moves towards 9500, 9200 and 9000 levels.

Lets check monthly chart as well to confirm the weekly patterns

Last two monthly candles are indecisive weak candles, suggesting supply near those levels
August - Hanging Man
Sep - Shooting Star

EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out