NIFTY Further rise to prevent immediate effect of stall pattern
Nifty did close above the earlier peak of 14798.
The close on 03/02/21 is at 14820 with indecisive candle.
A stalled pattern, doji , star, hanging man etc.
Post indecisive candle, the movement needs to be outside the range of 03/02/21- The high and low of 03/02/21 is 14903-14611,
The next directional movement is outside the range 14903-14611.
Traders already long and holding the same needs to revise up the stop loss to 14600.
For up move to continue, Nifty must trade above the open of 04/03/21 and trade above 14904 for upside trend to continue.
Traders can trade long if sustains above the open and above 14904 with low of the day stop loss or 14800.
If sustains above 14904 then expect rise to continue towards 15400-15500.
If Nifty sustains below the open and below 14800 then expect correction and sideways volatility for extreme near term to test the gap of 14480-14351.
Hope it does not get into expanding movement. A swing top with low high and low low at this point over high low of 03/02/21 will mean a correction to test the gap and subsequently can get down for retracement of the rise from 13666.
Hope it does not get for d structure. A bearish candle now can disturb and confirm a d structure.
Trend is up and hope for a further rise.
Revising long stop loss as mentioned in essential for near term traders.
The close on 03/02/21 is at 14820 with indecisive candle.
A stalled pattern, doji , star, hanging man etc.
Post indecisive candle, the movement needs to be outside the range of 03/02/21- The high and low of 03/02/21 is 14903-14611,
The next directional movement is outside the range 14903-14611.
Traders already long and holding the same needs to revise up the stop loss to 14600.
For up move to continue, Nifty must trade above the open of 04/03/21 and trade above 14904 for upside trend to continue.
Traders can trade long if sustains above the open and above 14904 with low of the day stop loss or 14800.
If sustains above 14904 then expect rise to continue towards 15400-15500.
If Nifty sustains below the open and below 14800 then expect correction and sideways volatility for extreme near term to test the gap of 14480-14351.
Hope it does not get into expanding movement. A swing top with low high and low low at this point over high low of 03/02/21 will mean a correction to test the gap and subsequently can get down for retracement of the rise from 13666.
Hope it does not get for d structure. A bearish candle now can disturb and confirm a d structure.
Trend is up and hope for a further rise.
Revising long stop loss as mentioned in essential for near term traders.
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