Short Nifty 12025 - Stop-loss 12162 - Target 11340
We have often seen the Market making big moves to the opposite side of an unfavorable event. The Rally after so-called disappointing Budget is such an example. The majority of traders considered the Budget as the trigger for the further downside. But Market rallied taking support at 200 SMA at...
As I published in my yesterday post that Nifty will be strong if it will sustain above 12160-12170. If it will sustain above 12170-12200 it may test 12270-12295 and downside support @ 12160-12170 and 12115-12085.
I will avoid a short position.
Now as per my post for (7th nov 2019) there is a indication of bigger decline in nifty as wave C of wave (4) as shown in chart.
First of all 11930 and 11803 are the starting points of extended waves v and 5, and hence are immediate targets for nifty on down side.
one can also check my recent posts which is includes monthly and daily chart analysis for nifty.
In this Daily chart we witnessed multiple Irregular corrections which is very bullish sign for the nifty.
so overall nifty outlook is positive, but it looks like wave (4) will again turns in to irregular and nifty may decline towards 10637 in that case.
Pattern shown by bigger rectangle is difficult to identify but it looks like Ending Diagonal.
Pattern from low 11625 is also complex. Trading strategy should be sell nifty with strict stop loss of 12001 for the targets given on chart. It can also go below 11625 if bounce from 11625 is wave X2 of Triple zigzag correction.
ghstocktrading.webnode.comNIFTY 50: WEEK-TECH-SHEET-> 10th February 2020 to 14th February 2020
Nifty 50 moves around +255.95 pips from 10th February 2020 to 14th February 2020, in which nifty 50 break last week 03rd February 2020 to 07th February 2020 top 12160.60.
As I have mentioned in my weekly analysys, I am not bullish in NIfty.
Major Supply Zone @ 12085-12115 and Major Demand Zone @ 11950-11975
On Monday if it will sustain below 12085 then I will go short for the target of next demand zone.
Nifty remained in uptrend - So until the CZ + Yellow TL breaks avoid selling in it
Since budget is coming this week - one may expect more gap ups- downs so please stay cautious
and avoid aggressive positions if you do not understand markets well
12100 zone is acting as IMP DEMAND ZONE
Nifty now immediate resistance 12272 /12290 above 12290 it may show 12350
HH-HL formations .
Consider budget before trading .
Volatility will be good.
keep your charts simple , adding many things don't give results because you will be bounded
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telegram - @tradingbud
Do check our previous results . :)