NIFTY --DAILY CHART SETUP --TREND ANALYSIS --11 JAN -- 31 JAN 2023
1. AS seen on daily chart nifty was trading at upper channel and hit all time high 18900 sub level on Dec 2022
2. Since then nifty seen fall around 1000 point from overbought level and breakdown of upper channel seen at 18250 sub level .
3. nifty trading current level around 17900 sub level today and 17800 level double bottom formation seen.
4. 17750-17800 will be strong support now. if this support hold few days then nifty will hit target 18300-18400 upside
5.. if 17750-17800 level breaks then nifty will be hit downside target 17400-17500.
6. for upside confirmation nifty should close above 18000 level on daily candle formation above 44, 100 HMA .
THIS IDEA IS FOR EDUCATIONAL PURPOSE ... trade at own risk,
HAPPY TRADING !! HAPPY NEW YEAR. !!
1. AS seen on daily chart nifty was trading at upper channel and hit all time high 18900 sub level on Dec 2022
2. Since then nifty seen fall around 1000 point from overbought level and breakdown of upper channel seen at 18250 sub level .
3. nifty trading current level around 17900 sub level today and 17800 level double bottom formation seen.
4. 17750-17800 will be strong support now. if this support hold few days then nifty will hit target 18300-18400 upside
5.. if 17750-17800 level breaks then nifty will be hit downside target 17400-17500.
6. for upside confirmation nifty should close above 18000 level on daily candle formation above 44, 100 HMA .
THIS IDEA IS FOR EDUCATIONAL PURPOSE ... trade at own risk,
HAPPY TRADING !! HAPPY NEW YEAR. !!