28th Jan 21:
The first support, 50 day EMA is around 13670 - 13700 range.
Nifty 50 has broken uptrend line yesterday on daily charts .
Nifty 50 has created a new downtrend yesterday in intraday charts.
29th Jan 21:
Can buy NIFTY1! with a stop-loss of 13850 for intraday as intraday charts are showing a positive momentum movement.
*Stop-Loss triggered but the prediction was 100% correct as we can see what Nifty50 did on 1st Feb 21.
If you see the daily charts of Nifty50, you will see a pattern which we call the 'Bullish Flag Pattern' which was broken yesterday (check the trendline on candlesticks).
Global markets are supporting so I will let go a small double top that Nifty50 has made on the daily charts. Double top is basically a bearish pattern but I don't see any reason for Nifty50 to start a downtrend again.
The main trendline (blue) is uptrend but a correction was long due which we saw in the past week but the daily candlestick made yesterday shows a reversal.
Now turning our attention to RSI, we have crossed the 50 mark with strength yesterday.
We are expecting a gap-up opening today as well which means that even RSI will positively break the temporary trendline.
Nifty50 also overcame a very strong resistance at 14222 levels which means that this is a new support.
Next resistance is at 14480 levels which is very prominent in the hourly as well as on the daily charts.
That's my entire study of Nifty50 today.
The first support, 50 day EMA is around 13670 - 13700 range.
Nifty 50 has broken uptrend line yesterday on daily charts .
Nifty 50 has created a new downtrend yesterday in intraday charts.
29th Jan 21:
Can buy NIFTY1! with a stop-loss of 13850 for intraday as intraday charts are showing a positive momentum movement.
*Stop-Loss triggered but the prediction was 100% correct as we can see what Nifty50 did on 1st Feb 21.
If you see the daily charts of Nifty50, you will see a pattern which we call the 'Bullish Flag Pattern' which was broken yesterday (check the trendline on candlesticks).
Global markets are supporting so I will let go a small double top that Nifty50 has made on the daily charts. Double top is basically a bearish pattern but I don't see any reason for Nifty50 to start a downtrend again.
The main trendline (blue) is uptrend but a correction was long due which we saw in the past week but the daily candlestick made yesterday shows a reversal.
Now turning our attention to RSI, we have crossed the 50 mark with strength yesterday.
We are expecting a gap-up opening today as well which means that even RSI will positively break the temporary trendline.
Nifty50 also overcame a very strong resistance at 14222 levels which means that this is a new support.
Next resistance is at 14480 levels which is very prominent in the hourly as well as on the daily charts.
That's my entire study of Nifty50 today.