Nifty Analysis
Recap from yesterday: “I wish to just wait and watch for tomorrow and not get into an aggressive long position until Nifty50 has consolidated at the current levels. I wish to modify my stance to neutral from bullish. If we break the 19870 levels tomorrow — I wish to go short (bearish).” . I did not get into any new long position in Nifty, in fact...
After the breakout of bearish pole and flag pattern in nifty with a gap, nifty is making a descending triangle pattern on 1H time frame.
There is bullish divergence in RSI which is making our trade more confident. Market can fill the gap that was created. You should keep an eye on the bullish side breakout. Your first
Target can be 200 EMA on 15 M time frame.
50% retraced 4th wave - 8957
61.8% retrace 4th wave - 8741
Wave 1 and 2, both connected parallel chance for finding 4rth wave. Intraday support 9100 nearby.
Short Sellers: first target 8965-8935 after breaking down the channel.
Next long position Trade Setup have two option :-
Buy 8957nearby with minor stop-loss and,
Last buy...
