Nifty - Ascending Channel Pattern

Apr 29

Nifty is following Ascending Channel Pattern since Jan2024, made a Hammer Candle on 15april, now 23000 seems possible, it may look ambitious but as per the size of Hammer Candle 23k is the target. Even if it doesn't touch 23k, there is probability of Nifty touching 22850.

2nd scenario: AT 1hr chart Nifty is facing Resistance since 16april, following an upward trendline, making HH & HL. 22200, 22300, 22450, 22625 and today 22655, almost touched the Resistance Trendline. If reverses then 22500 will act as a good support, moving above 50EMA.

So we have a range of 22500-22850.

For my learning and digital records purpose only.

Apr 30

Note

Nifty touched 22780 today, gave 320 points upside move, and again faced resistance at upper trendline at 1hr chart and reversed.

Power of Price Action
For my learning and digital records purpose only.

May 3

Trade closed: target reached

Nifty touched 22794 today, moved between 22500-22800 as we decided the range.

Price Action Rocks!
For my learning and digital records purpose only.