Hi friends and trading community sharing an idea on Nifty on Union budget day as we all know that this day is probably the most volatile day of any year in normal circumstances, So i prepared a trading chart for myself for this day on the basis of support resistance and by the marking of maximum pullback or retracement values we got after the benchmark index punched it's al time highs, Hope it will work. Maximum possible key levels marked on this provided smaller time frame chart and will try to provide all important updates tomorrow and if the need arises in coming sessions.
Target levels can arrived sharing below -:
1- If price will sustain above resistance with bullish strength (maximum retraceable value) we can see 22000-22100 again on board.
2- If price break support (marked as resistance turned support area) and sustain below with bearish strength we can see 21400-21200 levels again friends.
3- Apart of this price can take rejections from mentioned resistance or support from support area.
Many people want to do index trading on the budget day but still I would like to say that you should take my idea as an educational idea only sharing only for learning purpose it's not having any kind of trading or investment advice mates.
Best regards- Amit
Target levels can arrived sharing below -:
1- If price will sustain above resistance with bullish strength (maximum retraceable value) we can see 22000-22100 again on board.
2- If price break support (marked as resistance turned support area) and sustain below with bearish strength we can see 21400-21200 levels again friends.
3- Apart of this price can take rejections from mentioned resistance or support from support area.
Many people want to do index trading on the budget day but still I would like to say that you should take my idea as an educational idea only sharing only for learning purpose it's not having any kind of trading or investment advice mates.
Best regards- Amit
Comment:
Very tight range bound trading so far in session and getting rejections nearby from marked resistance. Waiting for a clear move mates will update accordingly
Comment:
Hello traders, mates, friends and trading community so as we saw a very narrow range bound session yesterday despite of budget session too and price did not gives a clear movement any of side although it exactly got rejected from marked resistance sharing below. Apart of this price formed descending triangle pattern on five minute time frame so i assume if any of tringle line will break and price will sustain above or below we can see a big movement in today's session any of side only we have to check marked resistance and support after this breakout. There are no such importance of very small timeframe but for this narrow range trading we can use for this for starting of big moved on initial stages by smaller time frames.
Discussed Triangle above-:
Published chart-:
This is i am sharing a clear rejection view from resistance on publish chart, This resistance turned very hazardous for price after many attempts too mates
Discussed Triangle above-:
Published chart-:
This is i am sharing a clear rejection view from resistance on publish chart, This resistance turned very hazardous for price after many attempts too mates
Comment:
Target Update-: Reached 22000+
22000 mentioned target in idea description and on chart too arrived and price entered in targeted zone for longs with very bullishness we can see final marked target of 22100 too very soon. I believe this was the impact of marked resistance break which earlier acted very strong rejection area for price today broken by a slight gap up of 10-20 points above resistance and price sustained above with bullish strength, so far day high is 22046 very close to final target of 22100. Final update only on the completion of that target
22000 mentioned target in idea description and on chart too arrived and price entered in targeted zone for longs with very bullishness we can see final marked target of 22100 too very soon. I believe this was the impact of marked resistance break which earlier acted very strong rejection area for price today broken by a slight gap up of 10-20 points above resistance and price sustained above with bullish strength, so far day high is 22046 very close to final target of 22100. Final update only on the completion of that target
Trade closed: target reached:
All mentioned targets on chart and in description completed, Today's high so far is 22126 just above from final target of 22100 and once again taken resistance from identified target zone for longs and getting very harsh rejections from targeted zone mates so now learning by this is that we have to be prepare our short or long unwinds on support or resistance and always get ready for taking an instant action, This publication is close completely will publish new view on Nifty very soon
