NSE:NIFTY   Nifty 50 Index
It is been observed on the hourly chart that the price action trending aggressively up from 7900 levels to 8450 levels (550+ points). Now, it is consolidating in a range of 8380 -8455 (75+ points). It is facing resistance at 8455 levels and made a double top at the same levels. Now, it is consolidating in a triangle and further breakout shall decide the movement of the market.

Action Plans:

Plan 1: Breakout above 8455 levels, shall trigger buy to reach target 8520 levels.

Plan 2: Breakout below 8400 levels, shall trigger sell to reach target of 8325 levels.

I shall appreciate your views on it in order to bring clarity.

Trade active: Reaching to the downside Target of 8325 levels. Regards
Trade closed: target reached: Nifty reached both targets today, firstly on downside and then upside as marked below,



NeeteshJain AbhishekHSinghCMT
@AbhishekHSinghCMT, Yes, It did work out well. Regards
sir, you short in future or option? i am new, please tell me. now i only work with cash market,
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NeeteshJain bakibilla
@bakibilla, You can Short in Futures and take a Put Options to short in options. Regards
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I really dont think market will have any sharp decline, It looks like a Bear Trap, As per Nifty Weekly chart Nifty can be only have sell signal near 8610. So for me market will have a Major correction only at 8610
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NeeteshJain HappyVijay
@HappyVijay, Well observed Vijay, I have also noticed many fresh breakouts today, which is rare to see in down falling market. I believe it will be a volatile session and Monday's closing shall confirm further direction in the market. I appreciate your views and insights, Regards
Kudos for capturing the Index status. Thanks for sharing.
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Huge open interest built up in 8400 put. Should not go down significantly below 8400. Similarly, highest OI in calls at 8500 suggests 8500 will be hard to cross.
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NeeteshJain 76764554
@76764554, That's interesting to know, according to the stats shared by you, market shall be range bound between 8400-8500 levels till expiry. I shall keep this in good consideration. I also believe that market shall be volatile and range bound till expiry. I appreciate your valuable sharing and views, Regards.
8480, 8550 confirm
budget rally
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