Here is #NIFTY 1 Hour Chart...
As Beauty lies in the eyes of beholder, chart pattern also lies in the eyes of watcher...
1. One can see Inverted H&S, H&S, Rounding Top, Bearish Flag, Bullish Flag...all kinds of patterns here.
2. Market has been such that we're witnessing different kind of movements too soon, helped by Gap Ups and Downs.
3. For a trader, it's important to identify the Time Frame he wants to trade in.
4. Positional Traders should stick to Daily Time Frame while Intraday Traders can use Hour / Min Time Frame. Lesser the Time Frame, faster the trade. Don't take investment bets on shorter time frame. Look at Weekly or Monthly Time Frame.
5. What about NIFTY here?
a. Looks bearish no doubt, especially when world market is struggling.
b. 17000 is the key followed by 16800 and then 16550. When market has to fall, it won't see levels but I personally think we should be good at 16500 at max, not below that.
c. For any upside, NIFTY has to start trading above 17400 and close above it. Range for now 17400-16950.
d. If Market opens gap down, check 2nd 15 min candle. If there's follow up selling, go for it. If there's any recovery, one can buy longs for Intraday.
e. As always, consult your financial advisor before entering trades. Views are for education purpose and I can easily be wrong here.
f. If worth it, do Like, Share and Comment your view as well because I know, no one is perfect!
As Beauty lies in the eyes of beholder, chart pattern also lies in the eyes of watcher...
1. One can see Inverted H&S, H&S, Rounding Top, Bearish Flag, Bullish Flag...all kinds of patterns here.
2. Market has been such that we're witnessing different kind of movements too soon, helped by Gap Ups and Downs.
3. For a trader, it's important to identify the Time Frame he wants to trade in.
4. Positional Traders should stick to Daily Time Frame while Intraday Traders can use Hour / Min Time Frame. Lesser the Time Frame, faster the trade. Don't take investment bets on shorter time frame. Look at Weekly or Monthly Time Frame.
5. What about NIFTY here?
a. Looks bearish no doubt, especially when world market is struggling.
b. 17000 is the key followed by 16800 and then 16550. When market has to fall, it won't see levels but I personally think we should be good at 16500 at max, not below that.
c. For any upside, NIFTY has to start trading above 17400 and close above it. Range for now 17400-16950.
d. If Market opens gap down, check 2nd 15 min candle. If there's follow up selling, go for it. If there's any recovery, one can buy longs for Intraday.
e. As always, consult your financial advisor before entering trades. Views are for education purpose and I can easily be wrong here.
f. If worth it, do Like, Share and Comment your view as well because I know, no one is perfect!