Nifty could touch 11585 which is the next resistance. If it closes above 11585, there could be a further upside.
If it does not close above 11585, then we have to wait and see what happens next.
NSE:NIFTY
https://www.tradingview.com/x/V7SFILEx/
Technical analysis:
1. Nifty took support at 50 DMA
2. If you see Fibonnaci retracement, it retraced upto 38% and turned back on higher side
OI data analysis:
1. It respected 11400 where we had highest OI in PUT side.
2. Yesterday we had equal number of OI on 11500 PUT and CALL but at the end Bulls has won the ...
NSE:NIFTY can fall for next two days (till F & O expiry) . Best bet for shorting is above 11750 (if its a gap up opening) when it will surely reach an overbought region.
This call is based on tentative Renko Supertrend sell signal (Not yet appeared, but a good chance of appearing tomorrow) as well as a tentative 'Overbought RSI' signal (Again not yet appeared, but ...
My NIFTY View:-
1. Might Test 11180-11190 today but expecting
to move upside till 11270-80 in coming 2-3 sessions.
2. Support Near 11180, if closes below might head for 11120-30
Nifty will be mostly downtrend due to trade war, currency price and crude oil price.
Can touch 11025 and then 10,875 till September End if crisis continues.
So short trades will be more successful.
Nifty is above 40 days EMA, but below 20 days of bollinger bands. (11,552). So if it move and stays above this it can enter uptrend.
Also the news of "Trump likely to announce China tariff on Monday" can effect the market on Tuesday.
https://in.reuters.com/article/us-usa-trade-china/trump-likely-to-announce-new-china-tariffs-as-early-as-monday-source-idINKCN1LV0OB
I think as per technical nifty is moving towards 11,200 to 11,100 levels approximately in coming days. Tomorrow it should touch 11,200 levels approximately.
This 15min chart of nifty shows upside possible range which is 11351-11399 and above 11399 upside reversal is possible. otherwise from there downside range given in chart 11235-11151 is also possible.
