I had previously shared a NIFTY chart where I had asked to short NIFTY below 17k level with 5 supports underneath. NIFTY has breached all those supports and now standing on Trendline 2.
The link of previous idea is attached underneath.
Now if NIFTY breaches trendline 2 and breaks the latest low level then lower support levels are marked in the chart.
If it reverses from here then my 5 support levels mentions in the previous chart will now become our resistances on the upper move.
Disclamer: My idea is purely for educational purpose and kindly take a trade based upon your risk management. Always book partially and use a strict trailing stop loss.
1 feb 2021 till june 2021 is very very similar chart to now 30 th july till today this is consolidation on big time frame FII are selling and DII are buying indian participation is bigger then ever, when FII are sold off and FED interest rate hike is finished FII will come buying whatever and nifty will be 22000 by next 2 years.close below 15400 will cancel my view on monthly chart basis
tanya151181
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@Kakerot, I have a similar view myself. but lowest i see is 14150 as of now. NIFTY should reverse anywhere in between provided no big bad news