Will only get week if it Closes below 16th April Low. Strong above 15th April High. if weak it can get to about 170. *This is only for educational purpose. i do not suggest this to anyone.
1. Ascending triangle pattern formation an hour chart. This state Reliance want to Long. 2. But on the formation of Cypher Pattern on the chart. X Point at Recovery Price of 880 , retrace to B Point , C Point to 1229 (Current Price) 3. Formation of XB=0.38 and AC=1.401. 4. Assuming XD form at 0.786 lead to the Formation of BC=1.407. 5. All above level...
1) WICK OF CANDLE AT B CROSSES .618 RETRACEMENT OF XA BUT BODY DOES NOT CLOSE ABOVE THAT. 2) WICK OF CANDLE AT C CROSSES .382 RETRACEMEENT OF XA AND BODY IS AT .382 LEVEL. 3)CANDLE AT D HAS CROSSED .786 OF XA. BUT BODY HAS NOT CROSSED .886 4) PULL BACK FROM THIS LEVEL CAN BE EXPECTED. 5)POSSIBLE TARGET MAY BE .382,.5, AND .618 RETRACEMENT FROM C TO D. STOP LOSS...
Last week's short term intraday strong demand zone was @ 8650-8850. Now it is shifted to 8850-9100. On the upper side 9360-9500 is a supply zone and 9675-9820 is a major supply zone on a short term time frame. According to the option OI data max call writes are @ 9500 and max ut writers @ 9000. According to the data and supply and demand zone 8850-9100...
jsw steel y views is to trade on levels ( positional bias short on rise , but intraday and as per market trend one can play swngs . simple demonstration of how basic support resistance are helpful through ed arrow (resistance) while blue arrow (support) hope one will find it useful and take benefits ( dua me yaad rakhna) .
short term target 6000, see that chart for more details
Educational purposes
NIIT TECH trading in a range from past 6-7 days.....A close above or below the range needs to be looked into. RANGE 1131 -1061
On Friday Nifty tested its lower level of its supply zone 9330-9600 but failed to close in this zone. In this coming week, 9330-9600 may act as a resistance and in any case, if it will manage to sustain above this zone then the next major supply zone @ 9850-10000. 8800-8950 is a demand zone on the downside.