Nifty 75 Mins: Wait n Watch Mode

Price has breached a key support. what it does on a revisit would be crucial intel. Let's wait.

Comment:

The price congested at the lower parallel of the fork and is at the medianline now. Price is struggling at the medianline which is just #Andrews101. We need a breakout to suggest a rally to upper parallel. The rally to the upper parallel is my preferred case scenario. 8780-8800 is the area where I would expect some resistance in the Nifty.

Note how we zoomed today past the middle magenta line at 8680-odd level. I would prefer a retest of that zone. But that is not a compulsion. But mark that level as it would offer an entry one way or the other pretty soon.

Comment:

Notice how price came back to retest the Magenta line today. This was a scenario highlighted in the update that was posted 3-days ago.

I mentioned: "that level would offer an entry opportunity one way or the other" and have a look at the updated chart below. Price bounced off that line today.

Comment:

The green line at 8,730-ish level is the one to focus now. A breakout via a green WRB (wide ranged bar) would be a sign of strength and could open up a rally to 8,837-ish level.

A failure or a selling tail candle at 8,730 would have bearish implications.