good morning everyone,
I am sharing Nifty chart on 30 min time frame.
To be honest I am confused with nifty moves, no clear picture and its been really volatile specially for last couple of weeks or so.
basically we have a trendline running , marked in blue line, which is holding nifty or you can say is acting as resistance so far.
Signs from global market is like we might see opening above this trendline.
In that case we might see some upside movement in coming days.
As a trader we can only play with levels.
More often than not such a big gap up, specially above the trendline triggers short covering.
We will have short covering or not that we have to see.
As per XABCD, If nifty starts trading above 17150 we can easily see 17250-70 zone. (strict condition only if above 17150, other wise XABCD is not valid).
Today is weekly closing as well.
Let the week close, will update with updated analysis.
Have a nice trading day.
I am sharing Nifty chart on 30 min time frame.
To be honest I am confused with nifty moves, no clear picture and its been really volatile specially for last couple of weeks or so.
basically we have a trendline running , marked in blue line, which is holding nifty or you can say is acting as resistance so far.
Signs from global market is like we might see opening above this trendline.
In that case we might see some upside movement in coming days.
As a trader we can only play with levels.
More often than not such a big gap up, specially above the trendline triggers short covering.
We will have short covering or not that we have to see.
As per XABCD, If nifty starts trading above 17150 we can easily see 17250-70 zone. (strict condition only if above 17150, other wise XABCD is not valid).
Today is weekly closing as well.
Let the week close, will update with updated analysis.
Have a nice trading day.