Wanted to analyze and see where NIFTY is planning to travel/move ?
1. It has already traveled the target (See the chart) - Now
2. Next target is to hit the Major Resistance. - That looks as possibility
3. Third Possibility is to hit the Grand Resistance. - That looks a possibility if the Major channel gets breakout.
4. If it bounce back from Major resistance, then target is to reach 12135 up. This may happen soon or may take longer to go up
Seeing the current market sentiment, I find the sentiment is bearish. And deep bearish move means it is supposed to bounce back that fast to 50% of it's down move. (assuming)
Previous analysis
On Jul 3 we had analyzed that Nifty may go down to 11867.
1. It has already traveled the target (See the chart) - Now
2. Next target is to hit the Major Resistance. - That looks as possibility
3. Third Possibility is to hit the Grand Resistance. - That looks a possibility if the Major channel gets breakout.
4. If it bounce back from Major resistance, then target is to reach 12135 up. This may happen soon or may take longer to go up
Seeing the current market sentiment, I find the sentiment is bearish. And deep bearish move means it is supposed to bounce back that fast to 50% of it's down move. (assuming)
Previous analysis
On Jul 3 we had analyzed that Nifty may go down to 11867.
Trade closed: target reached:
Nifty has hit as per our setup.
Now we are at point 2.
We need to analyze further to know the next move
Now we are at point 2.
We need to analyze further to know the next move
