Nifty - Technical Analysis - Long

Hi Guys,

Please find the detailed analysis of my view in Nifty!!!

Time Frame of Chart - Daily
Market Structure - Advance
Swing Point - Swing Low to Swing High
Last Line of Defense is Braked ? No
What Type of Trend? Strong Trend - Healthy Trend - EMA50
ATR Volatility? Down
CPR? - Bullish Bias
What type of CPR? Extreme Narrow
Previous Virgin CPR is there? Yes
Trend: Bullish
Chart Pattern: Flag and Rectangle
Build Up happened before /after the breakout of the Chart Pattern? Yes At Resistance
Breakout Happened? No
Breakout Happened with god volume in Chart Pattern? Not Applicable
Post Breakout Next Candle in-line with breakout candle? Not Applicable
Retest Happened? No
Whether Breakout happened near the CPR? Not Applicable
Post Retest Any Candlestick Pattern Found Inline With? Not Applicable
In Area of Value whether any trend continuation pattern Found? No

Support: 15700-15650, 15400 and 15050
Resistance: - 16000

Trading:

Buy : Above 16000 ( Closes Above Daily TF)
SL - 15625.90 ( Closes Below Daily in TF)
Target - 17150 ( Based on Fib Extn)
Risk: 374
Reward: 1150
Ratio: 1:3.07

Trade is Favorable ? Yes

Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis before executing the trade or contact
your financial advisor