Deadcatbounce
NIFTY INDEX VIEW NIFTY WEEKLY CHART ANALYSIS
-SINCE 9TH 2017 OCT 9950 HAS BEEN A CRUCIAL SUPPORT FOR THE INDEX QUIET A FEW TIMES
-REMEMBER HIGHER THE TIME-FRAME STRONGER IS THE SUPPORT/RESISTANCE
-WE TOOK LOT OF TIME TO BREAK ABOVE 9950 INITALLY
-BUT SINCE OCT OF 2017 WE HAVEN'T GONE BELOW IT
-DUE TO THE PANDEMIC THE LEVEL WAS FINALLY BROKEN IT TRAPPED SOME SHORT PLAYERS
-BUT EVENTUALLY GAVE IN
FIBO-LEVELS
-CURRENTLY MARKET REVERSED FROM ITS 50% RETRACEMENT LEVELS ON THE INDEX
-ALMOST SAME LEVELS ARE VISIBLE ON DAILY CHARTS
NIFTY DAILY CHART VIEW
-IF ANALYSIS ARE TRUE ON THE FIBO AND PRICE ACTION WE CAN CONFIRM THAT WE MIGHT HAVE SEEN A !!DEAD CAT BOUNCE!!
-DAILY CHART SHOWS NEAR SUPPORT AT 8910-8950 AS SUPPORT ZONE
-BUT SEEING THE MARKET REACTION ON MONDAY MAY CAUSE THIS SUPPORT TO BE A WEAK ONE
NIFTY VIEW
-PLEASE NOTE TRADE WITH CAUTION
-I AM NOT USING ANY INDICATORS E.G MOVING AVG ,RSI,MACD ETC.
-REASON BEING THAT THE VOLATILITY IS SO HIGH AND DAILY MOVEMENT IS CAUSING LOT OF DATA TO BECOME OBSOLETE/MEANINGLESS
-THERE WAS NO ROCKET SCIENCE THAT NIFTY WOULD REVERSE FROM LEVELS OF 9950
-WE ALL KNEW IT WAS A CRUCIAL RESISTANCE TO CRACK WHICH WAS POSSIBLE ONLY BY EXTERNAL FACTORS
-EXTERNAL FACTORS
-NOISE FROM THE MARKET(NEWS)
-DEVELOPMENT OF CURABLE DRUG/VACCINE FOR CORONA-VIRUS
-STIMULUS PACKAGE BY THE GOVT.
-REMEMBER EXTERNAL FACTORS MAY CAUSE THE SHIFT IN THE MARKET DYANMICS BECAUSE AS OF NOW MARKET IS ABSORBING THE NEWS GOOD OR BAD
NIFTY TRADE VIEW
SHORT@9350-9380
STOP@9550
TARGET-1@9120
TARGET-2@8970
PLEASE NOTE:-RATES ARE ACCORDING TO SPOT LEVELS
!!PLEASE WATCH OUT FOR INTRA-DAY TRADE VIEW ON STOCKS AND INDEX FUTURES!!
!!STARTING FROM TUESDAY!!
!!9:30-10:00 A.M!!
!!QUESTIONS ONLY AFTER MARKET HOURS!!
!!HOPE TO START THIS FRESH SEGMENT ON REGULAR BASIS FROM NOW ON!!
!!PLEASE PING ME FOR ANY STOCK RELATED QUERIES WILL BE AVAILABLE!!
Pullback upto 700-708 is expected before resumption of downtrendAXIS BANK: After the trendline breakout in July the stock has given a good downward movement & has clearly taken a support around 61.80% Fibo Retracement. I expect this pullback to continue this week & the stock will try to fill the gap. Thus, a pullback upto 700 – 708 range can be expected. But in my view this might be a Dead Cat Bounce (DCB) & soon we might see the downtrend to continue with the stock seeing new lows in coming months. In long term we might see this downward rally to continue upto 598, 535, 500 & eventually upto 480.
