NeelamN

Nifty 6 May 2021 Trade idea

Long
NSE:NIFTY   Nifty 50 Index
Nifty formed a bullish hammer ( also showing bullish harami pattern ) at 50 EMA in Daily TimeFrame which can be a reversal sign.
Hrly Time Frame shows W pattern, again a reversal sign.

Considering expiry day tomorrow, it might show some volatality in the morning hour / a slow upside and then reach 14700/14800 level.
Though resistances need to be watched as we might see reversal at those levels.
If high of bearish candle 14723 breaks with high volume 15 min candle then it may turn super bullish .

Contrarion View : If we see a Gap Up, and doesn't hold the level for 15 mins then we might again see a downfall from 14700 / 14800 levels

Note: 14500 monthly straddle still intact which shows that Option Sellers still have a range bound View for the current month.

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