Hi friends sharing my first trading idea of 2024 for Nifty today on a smaller time frame of 30 minutes hope you like it, as i believe and it usually happens too mates that the larger time frames are made up from the combinations of some smaller time frames.
So let's quickly talk about today's trading idea on provided chart as we can see that after making ATH 3 marked on chart (one of three all time high which i covered in this chart) price formed a double bottom pattern which is nearly about 21500 levels so only two things we can see here that one is bounce and second is breakout of 21500 levels where price want to take support so on the only basis of this observation i am sharing my trading ideas below with resistances and supports after bounce or break.
For support bounce-: So if we will see a support bounce (21500) price will face resistance at 21600 followed by 21700 (double top area) and if double top will breached and price will sustain with bullish strength and sentiments above we can see ATH 4 near about 22000 levels in coming sessions.
For support break-: If price will break 21500 levels and sustain below with bearish strength and setiments we can see 21100 to 21000 levels very soon possibly these levels will act as good support zone after current support break.
One 200 Ema i added more in this idea which is placed very close to descider level (double bottom) for taking a view with moving average too for bounce or break hope it will help too.
Upside Targets-: 21700/21800/22000
Downside Targets-: 21300/21000/20900
Each and everthing i can't cover on chart and in description so i will update this idea accordingly if anything important or good to share with trading community.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit
“Do more of what works and less of what doesn’t.” - Steve Clark
So let's quickly talk about today's trading idea on provided chart as we can see that after making ATH 3 marked on chart (one of three all time high which i covered in this chart) price formed a double bottom pattern which is nearly about 21500 levels so only two things we can see here that one is bounce and second is breakout of 21500 levels where price want to take support so on the only basis of this observation i am sharing my trading ideas below with resistances and supports after bounce or break.
For support bounce-: So if we will see a support bounce (21500) price will face resistance at 21600 followed by 21700 (double top area) and if double top will breached and price will sustain with bullish strength and sentiments above we can see ATH 4 near about 22000 levels in coming sessions.
For support break-: If price will break 21500 levels and sustain below with bearish strength and setiments we can see 21100 to 21000 levels very soon possibly these levels will act as good support zone after current support break.
One 200 Ema i added more in this idea which is placed very close to descider level (double bottom) for taking a view with moving average too for bounce or break hope it will help too.
Upside Targets-: 21700/21800/22000
Downside Targets-: 21300/21000/20900
Each and everthing i can't cover on chart and in description so i will update this idea accordingly if anything important or good to share with trading community.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit
“Do more of what works and less of what doesn’t.” - Steve Clark
Comment:
A Big Gap up opening we are seeing today and above double top neckline too that neckline trendline i extended towards right for better view. So far price taking support from this trendline and resistance from rising trendline so if we will get a day close above neckline trendline we can see sharp upside moves in coming sessions, And will consider this price action as support bounce friends. Thanks for reading and supporting my idea mates
Comment:
21700 complete target as per mentioned in idea description.
One intresting thing want to share that price exactly bounced from mentioned ATH 1 (21597) resistance that acted as support now for price and rising trendline support also broken and entred in Triangle too mates
One intresting thing want to share that price exactly bounced from mentioned ATH 1 (21597) resistance that acted as support now for price and rising trendline support also broken and entred in Triangle too mates
Comment:
One more time price bounced from 21500 levels and today reached 21700 levels mentioned target one more time too, So here is a logic that price forming a range between 21500 to 21700 indicating intial signs of bounce from mentioned support area and selling orders absorbing at demand zone so now technical conclusion is this above or below close mentioned range in this update we are going to big move possibly mates
Comment:
Target Update-:
21800 second target also reached from 21500 mentioned in idea decription mates.
As i mentioned in update above that we can see big move above 21700 levels, So now from here i will trail my stop loss on entry price and will wait for third mentioned target of 22000 in idea. Next update only when last and final traget will arrive friends. Cheers !
21800 second target also reached from 21500 mentioned in idea decription mates.
As i mentioned in update above that we can see big move above 21700 levels, So now from here i will trail my stop loss on entry price and will wait for third mentioned target of 22000 in idea. Next update only when last and final traget will arrive friends. Cheers !
Trade closed: target reached:
Target Update-:
Last and final target of 22000 complete mentioned in idea description friends so now i am taking my gains, idea worked very well for me and hoping chart lovers also get some benefit of learning from this publication friends, Gives many good entries from mentioned support area clsoing this publication completely will publish a new idea on NIfty
Last and final target of 22000 complete mentioned in idea description friends so now i am taking my gains, idea worked very well for me and hoping chart lovers also get some benefit of learning from this publication friends, Gives many good entries from mentioned support area clsoing this publication completely will publish a new idea on NIfty
