This is the daily chart
starting from 1 Feb. The Golden lines are all support/resistance
lines. The purple channel trend lines
is something i had published on the chat earlier when we hoped for 9000 was likely, but it was only a false hope. The big green candle starting below the trend and breaking it for the first time was the day Donald Trump won the election and our first indication of the impeding downtrend. the nifty
touched the channel high the next day and sharply reversed back with a gap down and continued breaking support levels, till it found a double bottom
, in the 7900-7930 range. Pushed by the double bottom
we once again managed to touch and cross the trend channel but with a bearish
candle. Though there might be a little upside remaining for intra-day/short term traders but crossing 8285-8325 seems unlikely and the move up may lack strength and only trap the bulls. In the long term it is expected that nifty
will once again continue its downfall and the trend should ideally continue till markets get some stimulus/good news. If the push upward in the coming days is strong enough to take out 8380 then the present view will become void. It is reiterated that this is a long term positional view and would ideally be useful for traders who hold or even roll over contracts and are not looking for intra-day/very short term trades.
Since i am a beginner and have no knowledge of fib/ gann
waves etc etc yet and mostly trade based on support/resistance
, i would appreciate if people would comment and help me learn!