Continuation of last chart...
1. In last chart, we discussed about a "V" Shaped recovery. From 17277.95, we touched 17794.60, that's more than 515 points journey.
2. As there was a Steep fall followed by a good rise, this calls for a Bearish Flag.
3. Pattern invalidates when NIFTY breaks the channel on upside. Break down not yet happened however, RSI is diverging negatively.
4. If lower trend line breaks and sustains (below 17510), we have immediate support at 17420-17435 (200MA in HTF)
5. If today's low is saved and Trend Line support is taken, we'd be able to see a rise upto 18000 in coming sessions. Positive again above 17615 HCB.
6. Risk to Reward is favourable in Longs than Shorts as of now.
7. This is just a view. Please don't create any positions based on this. Consult your financial adviser for further trades. Thank You!
1. In last chart, we discussed about a "V" Shaped recovery. From 17277.95, we touched 17794.60, that's more than 515 points journey.
2. As there was a Steep fall followed by a good rise, this calls for a Bearish Flag.
3. Pattern invalidates when NIFTY breaks the channel on upside. Break down not yet happened however, RSI is diverging negatively.
4. If lower trend line breaks and sustains (below 17510), we have immediate support at 17420-17435 (200MA in HTF)
5. If today's low is saved and Trend Line support is taken, we'd be able to see a rise upto 18000 in coming sessions. Positive again above 17615 HCB.
6. Risk to Reward is favourable in Longs than Shorts as of now.
7. This is just a view. Please don't create any positions based on this. Consult your financial adviser for further trades. Thank You!
Trade active:
Flag broke and low of 17462. However, NIFTY managed to hold on to 17500 which is acting as strong support. If it holds in further sessions as well, we may see a Rounding Bottom in formation. However, below 17462, Sell Off may continue.