Was impatient w/ previous idea, and it failed miserably. It looks weak only holding below 1582 w/ sl 1599, trg 1572, 1558, 1532, 1480.
Look to sell around 1615/17, w/ SL 1639 for trg mentioned above.
1)On weekly basis nifty has formed inside bar low of which is 10901 and high 11145.
2)On daily basis nifty has entered in to the congestion zone squeezed by support and resistance
in 60 minutes chart it is more visible.
3)on the last trading day nifty has formed long legged doji, price action has pushed up from low level.
4)nifty has strong support at 10996-10886...
As posted in my previous Idea post, The bullish Cypher pattern activated from the level it should. Check my previous post in the link i have given.
So what Nifty will do on 19th Aug?
A bearish BAT pattern is formed in 15 min time frame.
So what should be the strategy for 19th Aug for Intraday?
Sell nifty @11060-75 on a 5min lower low lower close formation.
As mentioned in my previous post the exact movement happened in Nifty 50 on 9th Aug, which was shared on 8th Aug.
You can check in my previous idea shared on 8th.
Please like share and comment to encourage, so that i will keep sharing my ideas on day to day basis.
In some Weeks i will share learning posts in my Idea board as well. All these analysis should be...
Posted in my Previous Idea that if Nifty breaks 11000 it must test 10930 which it did, That was the target for my 1st post of Bearish Butterfly pattern.
Now Nifty is coming down to test 10925 again as there is a Cypher Pattern getting developed on 15min time frame, Once it touches it should bounce back 38%, 50% and 68% of AD. ie 10962,10992,11020
So what should...
Bank Nifty is a probable Bullish Harmonic Dragon set up, currently at Ichimoku based support level. A bounce back from here could take it to 29000 where both daily/weekly resistance is found next. View would be negated if it goes and sustains below 27775