NIFTY
Support is at 15375.
RSI for near term is already showing a negative divergence.
It has also exited the overbought zone suggesting that
near term correction to sideways volatility may be see
as long as 15375 is not violated or close below
friday's low of 15465.
Once breakdown is seen below 15375
expect the correction to extend down towards
23.6% of the fall from January 20 peak to March 21 bottom.
The 23.6% is at 14672.
The 61.8% projectio is at 12768 and if it is showing or replicating
March 2020 then 100% projection is at 10863.
The focus currently is not on the lower levels
as long as support of 15465-15375 is not violated.
Further rally can continue above the recent peak of 15909.
Resistance will remain at higher range 15790-15853-15909.
The resistance is also the supply zone.
Traders get the opportunity to exit long at resistance and
reduce market exposure.
If breakout above 15910 happens then traders will get back
again on long trade.
Negative divergence however will remain even if new high is made
and will asses the momentum that time.
FOr the time being upside is capped to 15910
and on downside to 15465-15375.
Trend line shown is try to provide support at 14700.
The next best market entry opportunity will be
at RSI oversold zone as and when it comes.
Current on overbought side for near term therefore objective
remains for trading profits or exit pending stuck up
trading long position.
The objective is to relate how chart can help to take
decisions as various point of time.
The strategies and objective will be different for various
type of mind sent people.
Traders have different objective, Short term and medium term
have different objective and so also long term investors.
It depends where the person fits.
Its not all about KYA LAGTA HAI all the time.
Support is at 15375.
RSI for near term is already showing a negative divergence.
It has also exited the overbought zone suggesting that
near term correction to sideways volatility may be see
as long as 15375 is not violated or close below
friday's low of 15465.
Once breakdown is seen below 15375
expect the correction to extend down towards
23.6% of the fall from January 20 peak to March 21 bottom.
The 23.6% is at 14672.
The 61.8% projectio is at 12768 and if it is showing or replicating
March 2020 then 100% projection is at 10863.
The focus currently is not on the lower levels
as long as support of 15465-15375 is not violated.
Further rally can continue above the recent peak of 15909.
Resistance will remain at higher range 15790-15853-15909.
The resistance is also the supply zone.
Traders get the opportunity to exit long at resistance and
reduce market exposure.
If breakout above 15910 happens then traders will get back
again on long trade.
Negative divergence however will remain even if new high is made
and will asses the momentum that time.
FOr the time being upside is capped to 15910
and on downside to 15465-15375.
Trend line shown is try to provide support at 14700.
The next best market entry opportunity will be
at RSI oversold zone as and when it comes.
Current on overbought side for near term therefore objective
remains for trading profits or exit pending stuck up
trading long position.
The objective is to relate how chart can help to take
decisions as various point of time.
The strategies and objective will be different for various
type of mind sent people.
Traders have different objective, Short term and medium term
have different objective and so also long term investors.
It depends where the person fits.
Its not all about KYA LAGTA HAI all the time.
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