1. Weekly demand and supply zones are identified with the black horizontal lines
2. only act on the breakout confirmation - till then you can trade intra-day strategies. I suggest you to use 60 min or a 30 min timeline!
3. Weekly gap at a previous support now acting as a resistance shown by the yellow zone and black dotted line respectively
Trade with caution as...
My analysis for going short today on 14 Jul 2020 at close.
View invalid if Nifty closes above 10900.
My initial target is 10300. Target may increase depending on who fast and strongly 10300 gets broken.
Both CNX FINANCIALS & NIFTY PVT BANK indexes have made Bearish Harmonic AB=CD which also happens to be v close to their weekly & monthly Ichimoku resistance. Financials could retrace till 10500 while Pvt Banks could retrace till 11500. View would negate if they move and sustain above 11500 & 13100 respectively.
It is on the verge of a breakout above 440 in daily time frame which indicates further upside 1st till 465 and then till 520 as per weekly time frame. The view would be negated below 425
