If you have been following me this is exactly what I have been writing since April 5, 2021. - level of 14885 was identified as crucial resistance zone - our arrow marks for Nifty movement drawn in our April 05 post, blue lines showcased in our April 13, 2021 post, reflect Technical Analysis suggesting the zone of 14150-14237 to provide some support...
What we are seeing now is these levels pre-identified with the help of Technical Analysis being respected to perfection.... Need I say more...
Trading is not about buying and selling randomly just like that. Trading is more about - having a systematic approach... - Planning your trade well in advance, - be ready with actionable steps, and - during market hours when you see those levels come, it's just execution of your plan with better clarity and thought process in your mind without any confusion...
One can argue that the current down movement happened because of NEWS about second wave of pandemic hitting us hard and that it was just lucky coincidence.... Hmmm... Well then, here are few more chart analysis which made me feel lucky with my trading strategies.... Infy, TCS (which had result announcement event) and DLF trading idea... 😊
I say, follow Technical Analysis, listen to charts instead of NEWS and chances are you too might start feeling more lucky ... 😉 ;-)
Going forward...
- expecting some bounce back
- however, we have seen a crossover of 20 day EMA moving below 50 day EMA around 14600 levels
- 14460 / 14540 / 14655 are 3 important resistance levels that one needs to look out for....
- overall view still remains the same - Nifty seeing further lower levels (sub 14000) on the lower side
- I have highlighted the zone above which pattern gets invalidated
Take care & safe trading....!!!
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Disclaimer: - The view expressed here is my personal view - Past performance is not a guarantee for future predictions - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
Comment
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In the analysis above we highlighted 14460 as resistance zone....
Notice today's high 14461... Need Technical Analysis say more...😀
I follow your nifty chart it is very useful and learning process for me thankyou sir and please tell about your view and chart pattern on bank nifty sir
indiamarketoutlook
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@salavudeen, Happy to know that the analysis is being of use to you...😊
As requested, I have posted my analysis on Bank Nifty... Trust you find that useful for your learning...
Best wishes...!!!
salavudeen
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thankyou sir for Posting your view on bank nifty let wait and see what happens