NIFTY INDEX WEEKLY UPDATE

-like discussed on friday index has decoupled with rest of the world
-index has stopped falling below 15750-15700 zone
-where we are witnessing big fall over the world
-plus govt action over the weekend to control inflation and provide support to economy will provide moral support
-as we had previously feared a india vix of more than 25 would be deadly has brought under control
-fii huge short-covering on since thursday and retial going exteremly bearish on friday will hepl us see higher levels
-fall in dxy,crude prices and measured control over inflation would put minds to ease
-on the charts we can see a clear triple bottom on smaller time-frame
-a breakout is on the cards on the index

LEVELS TO WATCH
-safe traders can enter nifty only if a hourly close above 16400 is achieved
-if it does then 16480-16500 is a sharp target
-a gap close target of 16650-16675 is then imminent
-remembers this upmove might just get exhausted near 16850-16900 multiple support and resistance were witnessed here

two hourly chart

TO BE UPTO DATE
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*channel view shared early and updated

DISCLAIMER
*my views are not trade recommendation
*please consult your financial advisor
*do not over trade
*manage risk and manage risk appetite

Trade active:

Comment:

WAIT PATIENTLY FOR A MOVE ABOVE 16400
ONCE ACHIEVED IT WILL BE A SMOOTH TRADE