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bijoy2526
Aug 18, 2019 10:54 AM

NIFTY WEEKLY ANALYSIS AND CORRELATION TO DAILY. Long

Nifty 50 IndexNSE

Description

1)On weekly basis nifty has formed inside bar low of which is 10901 and high 11145.
2)On daily basis nifty has entered in to the congestion zone squeezed by support and resistance
in 60 minutes chart it is more visible.
3)on the last trading day nifty has formed long legged doji, price action has pushed up from low level.
4)nifty has strong support at 10996-10886 and resistance at 11097
5)If nifty breaks this resistance it may reach 11292 and 11336
6)If nifty breaks down of the support probable levels I will try to update.
7)please see the attached chart.
Comments
Vetrichelvan
Sir. Nifty breaking again 11k and not able to sustain on the top. Is nifty drifting down towards new low?
bijoy2526
@Vetrichelvan, Today's low is critical.
Vetrichelvan
@bijoy2526, Ok. Thanks
bishon
Why consider retracement levels wrt A&D instead of C&D?
siddmuk2005
Good . You have listed valid points. I like the way of interpretation in layman language. and you did it.
bijoy2526
@siddmuk2005, Thanks.
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