Nifty continued to trade in a channel after making an all time high and the gap of the all time high is still left unfilled. there could be a chance for it to fill those gaps.
On the 1hr chart we can see a flag and pole pattern with a fakeout and we can also see that it is respecting the 19480 - 19500 level after the fakeout making a double bottom.
nifty has broken and closed above the previous day high in 1hr chart. indicating the breakout of the neckline of the double bottom.
for thursday,
1. on breaking 19677 nifty can fill the most recent gap on which the sellers capitalized and go upto 19700 and 19737 levels
2. on breaking below 19609 nifty can test 19554 and 19475
3. see how price reacts at orange line and orange zones and go with the power
On the 1hr chart we can see a flag and pole pattern with a fakeout and we can also see that it is respecting the 19480 - 19500 level after the fakeout making a double bottom.
nifty has broken and closed above the previous day high in 1hr chart. indicating the breakout of the neckline of the double bottom.
for thursday,
1. on breaking 19677 nifty can fill the most recent gap on which the sellers capitalized and go upto 19700 and 19737 levels
2. on breaking below 19609 nifty can test 19554 and 19475
3. see how price reacts at orange line and orange zones and go with the power