NSE:NIFTY   Nifty 50 Index
  • In my humble opinion, the rally from the swing low to the top was an extended one(1800+ points). This may have exhausted the buyers and the profit-takers stepped into the market. The price may once again try to push above the ATH.

  • The sellers did push the price down but they couldn't move it below 14600. Another attempt to push the price down failed when the sellers moved the price to 14463 but the next day, the market opened a gap up 160+ points, thereby pushing the price back into the trading range of 14632-15253.

  • There is a Zone of Gaps(15050-14950) where the gaps have been occurring repeatedly indicating a sudden shift from Bullish to Bearish view and vice versa.

  • There is a measurement objective of about 600+ points on either side of the trading range. Until then, you can trade within the rectangle.
Please leave your feedback in the comments!
Thank you.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. This is my personal journal. Invest your capital at your own risk.

Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Community Manager (IN), TradingView

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