This is a 180 Min TF NIFTY chart. By the end of this post we would try to understand the short term trend and the trade setup for the next week. An update on daily basis will be given in the update idea section.
- TIME CYCLE:
If we study the time cycle starting at 17 June 2022. I have adjusted the cycles at certain TF for better adjustment. We can observe the low made at point 1 and the breakout lead to a good up move. And vice a versa was seen at point 2 and 3. Accordingly the low before a good bounce is expected to be made at Point 4 which is nearly around 13 or 14 th Oct.
TRENDLINES:
Even the trendline starting at 13th Sep 2022 (just before point 3 ) is currently acting as a resistance.
FIBONACCI RETRACEMENT:
17081 will act as the first support incase of any gap down as currently indicated by SGX. The next support level would be 16900 if 17801 is taken out.
Any buying signal if generated at these level near the time cycle(13 or 14 th Oct) should not be ignored given that they are confirmed by price action. And if such thing happen, I will update the same in this post.
It's been a while I have updated my page with regular NIFTY OUTLOOK posts due to some reasons. However in the last NIFTY OUTLOOK, I mentioned the target of 18342. And even after initiating a bear rally , NIFTY bounced and achieved the target dot to dot before falling heavily.
CHART & ANALYSIS
ADARSH DEY
- TIME CYCLE:
If we study the time cycle starting at 17 June 2022. I have adjusted the cycles at certain TF for better adjustment. We can observe the low made at point 1 and the breakout lead to a good up move. And vice a versa was seen at point 2 and 3. Accordingly the low before a good bounce is expected to be made at Point 4 which is nearly around 13 or 14 th Oct.
TRENDLINES:
Even the trendline starting at 13th Sep 2022 (just before point 3 ) is currently acting as a resistance.
FIBONACCI RETRACEMENT:
17081 will act as the first support incase of any gap down as currently indicated by SGX. The next support level would be 16900 if 17801 is taken out.
Any buying signal if generated at these level near the time cycle(13 or 14 th Oct) should not be ignored given that they are confirmed by price action. And if such thing happen, I will update the same in this post.
It's been a while I have updated my page with regular NIFTY OUTLOOK posts due to some reasons. However in the last NIFTY OUTLOOK, I mentioned the target of 18342. And even after initiating a bear rally , NIFTY bounced and achieved the target dot to dot before falling heavily.
CHART & ANALYSIS
ADARSH DEY
Comment:
Time cycle of NIFTY since covid low. Every time when NIFTY reaches the time zone a low is initiated and market rally. This is why time cycle is important along with simply identification of important support & resistances.
Trade active:
As mentioned 17081 will act as the first support incase of any gap down as currently indicated by SGXNIFTY. NIFTY made huge gap down and a low at 17064.70, Just 15 points from the mentioned level and rallied perfectly on Intraday Basis.
And the high at 17280 (almost near 17297(0.618) as shown in the chart above.
And the high at 17280 (almost near 17297(0.618) as shown in the chart above.
Comment:
The signals from the US markets also indicate that markets may bottom out around these levels only.
