Nifty 50
CMP 14604
Daily Chart (Medium to Long Term)
The black line is called the simple trendline. I did not use the parallel trendlines as we already know that the markets are either at the lower support line or below it.
The current scenario is that we have broken the trendline in the lower level but this doesn't mean that the trend has been changed. It means that we have to wait till our charts give us further indications but surely, there is nothing to panic as of now.
Hourly Chart (Short to Medium Term)
I found a minor support at 14495 (the orange line). I call it minor because nothing major has happened on this level but there are small zones where 14495 did act as a resistance or support.
Trend is sideways but we can expect a bounceback as we are very close to the support level but we can only be sure once we crossover and sustain 14760 levels (purple line) as this level has some major action since 21st Jan 21 and this will act as a strong resistance.
RSI too is in a bearish zone i.e. below 50.
15m Chart (Intraday)
I have found a rounded bottom pattern being made. This is a bullish pattern but there is also a possibility of cup and handle which again is a bullish pattern. I am super excited and I think it's time for traders to go long but with a lot of patience. The markets are volatile and you need to wait and hold and have a lot of patience.
CMP 14604
Daily Chart (Medium to Long Term)
The black line is called the simple trendline. I did not use the parallel trendlines as we already know that the markets are either at the lower support line or below it.
The current scenario is that we have broken the trendline in the lower level but this doesn't mean that the trend has been changed. It means that we have to wait till our charts give us further indications but surely, there is nothing to panic as of now.
Hourly Chart (Short to Medium Term)
I found a minor support at 14495 (the orange line). I call it minor because nothing major has happened on this level but there are small zones where 14495 did act as a resistance or support.
Trend is sideways but we can expect a bounceback as we are very close to the support level but we can only be sure once we crossover and sustain 14760 levels (purple line) as this level has some major action since 21st Jan 21 and this will act as a strong resistance.
RSI too is in a bearish zone i.e. below 50.
15m Chart (Intraday)
I have found a rounded bottom pattern being made. This is a bullish pattern but there is also a possibility of cup and handle which again is a bullish pattern. I am super excited and I think it's time for traders to go long but with a lot of patience. The markets are volatile and you need to wait and hold and have a lot of patience.