My Predictions for Nifty Movement ...
Though Nifty has shown uptrend in short term time frame (15 and 5 Mins ) , but the downward trend continues on daily and Weekly chart as the previous swing failed to break out the LH on 23 Jan 2023. Hence while keeping both small time frame trend and daily time frame in view and the technical analysis , I predict today's movement as shown in the chart.
RSI on 15 Min Time frame is crossing 46 upward , However upward trend can not be taken into consideration unless Nifty crosses distal line @ 18260 of supply zone as marked. If It crosses the supply Zone, we can expect reversal and need to follow the Stop Loss.
Entry Point and Targets are as mentioned in the chart.
Have a nice day ahead.
Though Nifty has shown uptrend in short term time frame (15 and 5 Mins ) , but the downward trend continues on daily and Weekly chart as the previous swing failed to break out the LH on 23 Jan 2023. Hence while keeping both small time frame trend and daily time frame in view and the technical analysis , I predict today's movement as shown in the chart.
RSI on 15 Min Time frame is crossing 46 upward , However upward trend can not be taken into consideration unless Nifty crosses distal line @ 18260 of supply zone as marked. If It crosses the supply Zone, we can expect reversal and need to follow the Stop Loss.
Entry Point and Targets are as mentioned in the chart.
Have a nice day ahead.