Nifty 50 Analysis for this week in Daily timeframe

Nifty 50 IndexNSE

Description

⋅ Nov 6, 2021 3:02 PM

3. Final Nifty Analysis -

1. Major Support - 17400 zone.
Major Resistance - 18000, 18340, 18600.

2. Past Trend - Up, correction is going on and it is deep with multiple legs, 2

3. Strength/Weakness - current strength is in down as shown by last fall from 18340 to 17613, in fact this down move was stronger than before.

4. Future Trend -
a. strength -> is in Down
b. Correction going on,
Conclusion - i expect another down move
breaking 17613. Next major support 17400.

5. I will be proven wrong if this breaks 18342 with strength in coming days, will update analysis then.

Comments

NaveenGr

⋅ Nov 22, 2021 2:40 AM

Analysis for this week -

surindersinghsurinder332

⋅ Nov 7, 2021 8:26 AM

Nice

NaveenGr

⋅ Nov 7, 2021 10:11 AM

@surindersinghsurinder332, Thank you.

ramachandransibasubramanian

⋅ Nov 7, 2021 3:13 AM

Very good. Can you give exact triangle pattern ofthis

NaveenGr

⋅ Nov 7, 2021 2:16 PM

@ramachandransibasubramanian, I do not give much importance to what type of triangle or candle is forming, my focus is on what people are doing and i take my trading decisions based on that.
Triangle pattern means buyers are ready to buy higher and sellers are ready to sell at lower prices, range narrows down and we have a break.
You can connect previous swing lows to form one line and swing high to form another(daily timeframe). It has not formed a triangle pattern yet in daily timeframe.