Nifty at this stage is not very clear in direction. However, looking at the last candle (Friday's daily candle) it has a positive look. This comes out because Buyers have been able to hold the sellers to take price low further after a huge gap down.
Now there are two confusing/conflicting images that come out when you compare weekly time frame candles Vs 15 min timeframe candles. Weekly candle shows negative outlook, however 15 min tf is at a stage of breakout either side, i.e. if price breaks up of 17400 then it has positive bias to close the gap. Any break on downside 1730 shows a potential downside till 17200 (1st target) and 17200 (2nd target).
So how to read this market? My take is the following:
1. The higher Weekly timeframe will hold true, i.e. this week price will go down or form a doji in case if reversal/slow down of the trend is going to happen. This is because this week will define if Buyers will exit their trade and let sellers take market down.
2. Having said that, For Monday, basis Friday's daily candle, price is most likely to open Gap up some where around 17475 allowing Buyers to exit their positions and then day would close negative.
Now there are two confusing/conflicting images that come out when you compare weekly time frame candles Vs 15 min timeframe candles. Weekly candle shows negative outlook, however 15 min tf is at a stage of breakout either side, i.e. if price breaks up of 17400 then it has positive bias to close the gap. Any break on downside 1730 shows a potential downside till 17200 (1st target) and 17200 (2nd target).
So how to read this market? My take is the following:
1. The higher Weekly timeframe will hold true, i.e. this week price will go down or form a doji in case if reversal/slow down of the trend is going to happen. This is because this week will define if Buyers will exit their trade and let sellers take market down.
2. Having said that, For Monday, basis Friday's daily candle, price is most likely to open Gap up some where around 17475 allowing Buyers to exit their positions and then day would close negative.