Nifty moving in a channel on hourly chart
Nifty if breaks the lower trendline of the channel it i.e. comes below 21800 it can turn negative, it will have targets as 21740, 21640, 21540, 21440. If none of the support work then 21240 can be also an extended target on downside.
On upside 22140 will be hurdle but it that is crossed and a closing above 22140 is formed it will start nifty to another up move but chances are shrink for the up move.
1. Strong gap up and struggle at levels 22125 or small gap up and struggle in the range 21960-21900 will be opportunity to short.
2. flat open and weakness then below 21800 can be short opportunity
3. Gap down and pull back to the range 21800-21840 will be another short opportunity
4. Big gap down and pull back to 21740 will be another short opportunity
check price action, weakness must be observed before going short or short with strict stop loss so that if it does not see resistance at the said level then short from next higher level
On upside 22140 will be hurdle but it that is crossed and a closing above 22140 is formed it will start nifty to another up move but chances are shrink for the up move.
1. Strong gap up and struggle at levels 22125 or small gap up and struggle in the range 21960-21900 will be opportunity to short.
2. flat open and weakness then below 21800 can be short opportunity
3. Gap down and pull back to the range 21800-21840 will be another short opportunity
4. Big gap down and pull back to 21740 will be another short opportunity
check price action, weakness must be observed before going short or short with strict stop loss so that if it does not see resistance at the said level then short from next higher level
Trade active:
1 thing forgot to mention that nifty can also take support at the lower trendline, so once touched and nifty rejecting to break the line then it can turn to another up move. Price action must be seen before taking any position.
Trade active:
"small gap up and struggle in the range 21960-21900 will be opportunity to short" - this worked out as mentioned, from 21963 it went to 21853 - 110 points run.....
Trade active:
another fall from 21950 to 21840 and then crossed 21800 to reach to 21730 where it got the support and retraced back to 21800 and seems like closing around day low. With this nifty closing below the channel it was moving last week and that brings bearishness if nifty50 starts trading below 21730 level tomorrow.
That will open said targets - 21640, 21540, 21440.
That will open said targets - 21640, 21540, 21440.
Trade active:
if market open flat or little gap up around 21800 and comes down then 21730 will be support but if that breaks then you will see the said targets - 21640, 21540, 21440.
So overall sell CE on rise from the levels mentioned will be beneficial.
Please note :- I am not a SEBI registered and the analysis shared is purely predictions but take any trade at your own risk.
So overall sell CE on rise from the levels mentioned will be beneficial.
Please note :- I am not a SEBI registered and the analysis shared is purely predictions but take any trade at your own risk.
Trade active:
this happened as said "if market open flat or little gap up around 21800 and comes down then 21730 will be support"
Trade active:
"morning nifty50 took support from the lower trendline and moved up - 21730 to 21950 -> ~220 points. "
This happened as per below written on Feb 03.
"1 thing forgot to mention that nifty can also take support at the lower trendline, so once touched and nifty rejecting to break the line then it can turn to another up move. Price action must be seen before taking any position."
This happened as per below written on Feb 03.
"1 thing forgot to mention that nifty can also take support at the lower trendline, so once touched and nifty rejecting to break the line then it can turn to another up move. Price action must be seen before taking any position."
Trade active:
For Tomorrow 21966 is very important number, above that nifty will be bullish and below that bearish.
1. If nifty opens flat to little gap down or little gap up and comes around 21950 then once nifty starts trading above 21966 (at least on 10 minutes candle) then nifty will be bullish and can try to catch LTH again.
2. If nifty opens gap up and retrace towards 21966 and gets support and turn back upwards then also nifty will be bullish.
3. If nifty not able to cross 21966 then it will be bearish or muted because down side there are multiple supports seen 21840-21800 area, 21900, 21730 and lower trendline support during the day. Once can sell CE around 21950 if observe weakness, that will give profit in bearish or muted both the markets.
1. If nifty opens flat to little gap down or little gap up and comes around 21950 then once nifty starts trading above 21966 (at least on 10 minutes candle) then nifty will be bullish and can try to catch LTH again.
2. If nifty opens gap up and retrace towards 21966 and gets support and turn back upwards then also nifty will be bullish.
3. If nifty not able to cross 21966 then it will be bearish or muted because down side there are multiple supports seen 21840-21800 area, 21900, 21730 and lower trendline support during the day. Once can sell CE around 21950 if observe weakness, that will give profit in bearish or muted both the markets.
Trade active:
it took support from 21966 2 times, and for the time being muted, need a 5 minute candle close above 22050 for up move
Trade active:
Nifty broke the channel and gave 200+ points of run.
From here other targets will get active once nifty breaks today's day low i.e. 21663
Overall tone of nifty seems bearish and sell on rise may be the strategy.
** Please trade at your risk, Idea is shared only for educational purpose.
From here other targets will get active once nifty breaks today's day low i.e. 21663
Overall tone of nifty seems bearish and sell on rise may be the strategy.
** Please trade at your risk, Idea is shared only for educational purpose.
Trade active:
Nifty got support from said level 21640
21800-21840 is acting as string resistance now, 21966 will be another tough area to cross and then 22000 so overall it looks like nifty is not going to make new LTH soon.
On downside nifty is getting good support so may be nifty is in timewise correction mode.
Breaking below 21640 on hourly candle will bring bearishness to pull nifty towards 21000
21800-21840 is acting as string resistance now, 21966 will be another tough area to cross and then 22000 so overall it looks like nifty is not going to make new LTH soon.
On downside nifty is getting good support so may be nifty is in timewise correction mode.
Breaking below 21640 on hourly candle will bring bearishness to pull nifty towards 21000