virajmokadam

NIFTY50 looks weak. NO TRADE ZONE.

Short
NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES
1. Weekly TF - Last week long tail but previous to that 3 weeks long wicks. This shows lot of supply/resistance above 15037.
2. Daily TF - Major resistance at 15400 which has been tested 2 times. Major support at 14500 which has been tested 3 times. NIFTY50 is forming a double top .
3. No Trade Zone - 14500 to 14760 for any long or short trades with overnight positions.
4. NIFTY50 is below 50 DMA this again signals bearishness.
5. Price is also below Anchor VWAP from last 2 swing high points. This signals bearishness in market.
6. NIFTY50 is still in HH-HL structure. Till it breaks the Low point we still have hope of uptrend continuation. If its breaks low then surely downside. Wait till nifty is in no trade zone.
7. Highest selling volume was seen on 26th Feb and highest buying volume was seen on 1st feb. In last few weeks selling volumes is more. We can see only RED wide range candles mostly.
8. If NIFTY50 breaks 14500 then next level could be between 14000-13700.
9. If NIFTY50 breaks 15380 with good volume then uptrend will resume.
10. IndiaVIX is still 20+ so volatility is expected.
11. Dollar is forming a double bottom so if it shoots up then we may see more selling NIFTY50.
12. As per options data 15000 is strong resistance and 14500 is strong support.
13. Overall, if your an experienced trader then you can take positions else wait for NIFTY50 to get out of no trading zone and then take position. Intraday traders can use this volatility to profit on both sides but be careful and have a eye on INDIAVIX and Adv /Dec ratio.

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