The last time we discussed NIFTY charts, we arrived at two things. 1. the upper channel low acting as a resistance and 2. the lower ascending trend line holding up. we saw a bounce exactly off those levels. This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential...
NIFTY broke below a crucial reference point, more importantly it has a high at a pivot swing low ( remember the idea of supports turning into resistances) :) well here is a low risk short idea looking for a 100% retracement of the swing- this points to a target of 10200-150. the idea is we had retraced fully the journey made from 10500-10950, form a box for that...
NIFTY: Traders/Investors looking for a bounce in NIFTY , should be wary of the 10570-10630 zones. Until that is cleared sellers will be active. On the downside 10400 will hold the base if that cracks sellers will be very active.
Feb-07:#NIFTY #NF any pullback is a good exit opportunity for the ones who want to time the mkts. Until we trade abv 10850 zones , correction is not over. Alternatively do Hedge your positions with PE