NIFTY INDEX ANALYSIS - 1 HOUR CHART
NIFTY
Nifty has been rallying on upside since 14th of July 2022 from close to 15900 levels till date up to the levels of 16625 without any meaningful correction on the way and leaving decent HIGH RANGE GAPS which needs to be filled during any sell offs.
The ABCD pattern has completed to near perfection with all equal waves from point X to Point D . you can measure by yourself :)
On the Contrary the RSI has started weakening which is indicating the tiredness in markets are levels beyond 16500 which is fueling my expectation of sellers entering back for revenge.
Going in next week 16650 will act as major resistance as its a powerful weekly retracement level of 0.50 which will decide the fate of bears. If the levels are taken off on weekly closing basis then markets are expected to rally up past 17000 levels as well in bears short cover rally.
Do Comment , share and "LIKE" if you find this info valuable to use . Believe me it takes lot of time to visualize the market before the opening bell :)
Happy Hunting ,
Chintamani
Disclaimer.
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
NIFTY
Nifty has been rallying on upside since 14th of July 2022 from close to 15900 levels till date up to the levels of 16625 without any meaningful correction on the way and leaving decent HIGH RANGE GAPS which needs to be filled during any sell offs.
The ABCD pattern has completed to near perfection with all equal waves from point X to Point D . you can measure by yourself :)
On the Contrary the RSI has started weakening which is indicating the tiredness in markets are levels beyond 16500 which is fueling my expectation of sellers entering back for revenge.
Going in next week 16650 will act as major resistance as its a powerful weekly retracement level of 0.50 which will decide the fate of bears. If the levels are taken off on weekly closing basis then markets are expected to rally up past 17000 levels as well in bears short cover rally.
Do Comment , share and "LIKE" if you find this info valuable to use . Believe me it takes lot of time to visualize the market before the opening bell :)
Happy Hunting ,
Chintamani
Disclaimer.
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
Comment:
This expected trend is failing as the day is passing out :) . Don't take any short positions for next week as of now as Bulls have full control on every small dip. Better to stay on long side or neutral unless we close below 16500 from here
