Nifty Pullback Or Retracement ?
Hi Traders good morning hope all are you fine and enjoying your morning's Tea or coffee with scrolling Trading view ideas for taking a view on Nifty so it's a weekly chart of Nifty i am sharing today which i want to execute on the daily candle above or below close on provided levels, Taken weekly chart because want to cover more visible time duration. This is a follow up publication of last published idea on Nifty in which clearly mentioned that below 19900 weakness can start, Sharing that idea link too in this publication mates.
So amid of some conditions which are not favourable for indices or equity market for example rising dollar and crude oil prices with rising bond yeilds too and with Israel war going on with Hamas and a big crisis is hovering on broader markets and here in India our festival season is going on so (there is a big delemma as to where our markets can go next) in view of this i am sharing my technical view on Benchmark index Nifty below friends.
As we can see after rooted a double top on weekly by price finally it came down to support zone and trying to bounce from there which earlier was a resistance zone for it and it seems that 50 Ema is also very well placed in that zone mates, so today's trading idea is based only on levels placed on provided chart which can be execute on daily chart too as i mentioned above.
Idea One-:
Price will breach support zone and can touch to horizontal support which adjoined to rising support too and the levels are 18300 to 18200 and below to horizontal support two marked 17800 levels can be a target for this idea, by this we can see a pullback towards supports where price actually want to go after invalidated the uptrend as it breaks the last swing low and closed below.
Idea Two-:
Price will break neckline support which will act as resistance for it now, after we can see retracement towards previous tops to 19800 to 20000 levels as target friends for this idea. Well i will put less epmhasis on this because i feel that due to impact coming from global markets our markets turned in to sell on rise phase.
Last published idea on Nifty mentioned above-:
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Hi Traders good morning hope all are you fine and enjoying your morning's Tea or coffee with scrolling Trading view ideas for taking a view on Nifty so it's a weekly chart of Nifty i am sharing today which i want to execute on the daily candle above or below close on provided levels, Taken weekly chart because want to cover more visible time duration. This is a follow up publication of last published idea on Nifty in which clearly mentioned that below 19900 weakness can start, Sharing that idea link too in this publication mates.
So amid of some conditions which are not favourable for indices or equity market for example rising dollar and crude oil prices with rising bond yeilds too and with Israel war going on with Hamas and a big crisis is hovering on broader markets and here in India our festival season is going on so (there is a big delemma as to where our markets can go next) in view of this i am sharing my technical view on Benchmark index Nifty below friends.
As we can see after rooted a double top on weekly by price finally it came down to support zone and trying to bounce from there which earlier was a resistance zone for it and it seems that 50 Ema is also very well placed in that zone mates, so today's trading idea is based only on levels placed on provided chart which can be execute on daily chart too as i mentioned above.
Idea One-:
Price will breach support zone and can touch to horizontal support which adjoined to rising support too and the levels are 18300 to 18200 and below to horizontal support two marked 17800 levels can be a target for this idea, by this we can see a pullback towards supports where price actually want to go after invalidated the uptrend as it breaks the last swing low and closed below.
Idea Two-:
Price will break neckline support which will act as resistance for it now, after we can see retracement towards previous tops to 19800 to 20000 levels as target friends for this idea. Well i will put less epmhasis on this because i feel that due to impact coming from global markets our markets turned in to sell on rise phase.
Last published idea on Nifty mentioned above-:
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Comment:
Index gap up opned above marked resistance for retracement but not able to sustain above for some minutes too, So from here i will wait for a closing above that resistance friends. Sharing daily chart as i mentioned in description that idea will execute on daily charts
Comment:
After many ups and downs last week in index finally price manage to close above resistnace (neckline) so now from here until price will trade above this resistance levels chances will remain to go up and can complete retracement targets (19800-20000 levels) mentioned in idea, Before that there is another resistance placed around 19350 levels mates
Comment:
Reached 19650 levels after close above of resistance for retracement got a close of 19230 on 3rd of november, so now from here i will trail stop loss on entry price for this long side trade and will wait for mentioned targets in idea description
Comment:
Target Update-:
Target 19800 complete after mentioned resistance for retracement close above, As i update above that got a close of 19230 above resistance and did target one without any hassle after friends
Target 19800 complete after mentioned resistance for retracement close above, As i update above that got a close of 19230 above resistance and did target one without any hassle after friends
Comment:
So yesterday finally price gives a close above on last swing top (resistance for 20000 final target) after many hits on 19850 levels so now from here we can see 20000 levels very soon which is final retracement target for this idea friends, Hope you like this update, Thanks for reading and supporting my idea mates
Trade closed: target reached:
Target Update-:
So here is the final update for this idea friends and it is about final retracement target 20000 which is completed yesterday from 19230 and i am happy to share this one more target update with you mates hope you like my idea and it's updates, closing this idea completely will publish my new trading idea on Nifty very soon. Thanks for reading and valuable support for my publication Guys
So here is the final update for this idea friends and it is about final retracement target 20000 which is completed yesterday from 19230 and i am happy to share this one more target update with you mates hope you like my idea and it's updates, closing this idea completely will publish my new trading idea on Nifty very soon. Thanks for reading and valuable support for my publication Guys
