Nifty Analysis Recap from yesterday: ”At present, I wish to change my stance to neutral and wait for further clues. If we start dropping on Monday, I would prefer to go bearish with the first target of 19562 and then 19446.”
5mts chart link - click here Nifty did not have that much of a flavor today. We opened inline and then started drifting downwards. Although we had one attempt to go up i.e. between 10.05 to 10.30 - it was not sufficient to retest the 19776 resistance level. Notice the descending channel drawn, the slope is not high either, but if we connect the dots - it seems like we were following the previous day’s price action.
1hr chart link - click here Even though we fell 37pts today, the chart is not bearish yet. Not until the support of 19562 breaks. So I would like to continue with my neutral stance till then. For bullish momentum to resume, Nifty will have to take out 19776 and 19875 in one go, but for a bearish signal a single support break would suffice.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.