Nifty is forming in a descending parallel channel. Prices are building corrective pullbacks to manage demand pressure and fall from resistance since the start of the correction. Nifty has created a lower low at 15183 and given an upward move of 15927.
Nifty has faced supply pressure on the upper band three times. It indicates that bulls are not exceeding supply pressure and upper band. As bulls give up, bears enter and drive prices to lower levels.
16200 is strong resistance for bulls and the supply zone of the parallel channel. If the price sustains below 16200, traders can expect the following targets: 15740 – 15326 – 14870. We can expect a fake-out of the parallel channel.
Comment
⋅
I will upload further information. You can follow me to get daily updates.
did play for 14800/14300 by shorting heavily below 15700 and had to cover above 16200...hmm
forextidings
⋅
@Parasuram, Can i ask why? , Parasuram - Jun 30 - do you still expect the market to go to 16200? Jun 30 - I am expecting maximum upward move up to 16200. You should have sold at 16200. 15700 was not the levels otherwise i would never draw that target line.
ajaykrish
⋅
is nifty is still down
ajaysingrajput5
⋅
If Nifty sustains above 16000 then a quick short covering is possible in the short term and we could see 15800 acting as support and 16200 acting as resistance
Praveen-in
⋅
i feel in the short term it may create an illusion of going up to around 16k to trap and suddenly make a headway to south around the levels u have shown. Let's see.
Parasuram
⋅
do you still expect the market to go to 16200?
forextidings
⋅
@Parasuram, I am expecting maximum upward move up to 16200.
Parasuram
⋅
@forextidings, agree! but the weekly gap downs are not easy to fill.
forextidings
⋅
@Parasuram, I agree with this. If the price starts falling, we can create a range for setups. I am just trying to increase the risk-reward ratio. In addition, no price is too low for bears and too high for bulls. So, It may be possible.