Some conflicting signals:
India VIX has been closing below 20(good sign), occasionally giving a spike scare then abating within the session.
Not much buying seen from FIIs/DIIs. In fact the FIIs sold 660Cr and DIIs bought only 112Cr. Yet market closed marginally in green. Is the market being kept afloat for a while?
The RSI divergence can be easily noticed on...
As we discussed it Broke the trendline in the very first half and gave good 120++ points in one go
Currently forming FLAG- POLE pattern which is also a bullish continuation pattern!!
We should not go LONG aggressively unless our levels breaches
And let the chart speak the next ✅
Nifty played very well as predicted.
Next move:- If it gives one more push up to 14,545.50, take a swing short till 13,787.60. Then from 13,787.60, take a swing long till 15,446. Trail your stop loss during the drop and rally.
Nifty has definitely respected this level. There has been no decisive breakdown here. Let's see where it holds onto ultimately. Please remember, this is a correction and not a crash! The lines drawn are my levels, Bull Markets generally respect support levels (one level here or there is normal) while Bear Markets make you respect the resistance levels.
Nifty is unfolding in a five wave advance from the lows of 10790 where it completed wave4 , within this five waves of the fifth wave it is currently in the third wave of one lower degree and its projected target comes around 12060-70 odd levels which will be 1.618 times wave one of the same degree. Support is placed at the lower end of the channel around 11800 -...
Warning: Nifty50 above a dangerous level
A long Legged Doji, very basics of technical analysis. The long-legged doji suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur!!!!
Also, the steep rise can be dangerous, corrections is very much required.
24 Sep = 10800 Levels and 8 Oct = 11900, around 1100 points gain...
Note: This is for educational purpose only.
There seems to be a strong resistance at 10600 for Nifty. If this is broken convincingly, there would be further up-move. There is a possibility of sideways movement too for sometime. My overall sentiment is bullish but not expecting any sudden up move.