Expected to be in correction against the rally from the low of 18842 on oct 26, we are in wave b within this correction and expecting further high as far as it remains above 19720.
As we discussed yesterday, NIFTY is neutral. It was range-bound sideways with high volatility candles. Nifty seems to be mildly bullish for tomorrow. All important levels have been marked on the chart.
Reasons:
RSI is 40-60 mostly sideways.
19825 will be a good resistance and and 19670 will be acting as good support.
PCR = 0.89 (MIld Bullish)
...
Nifty important levels to watch are as follows
#Support: 19750
Sell below: 19750 only on 15 minute candle closure below the level.
Target 1: 19720
Target 2: 19680
#Resistance: 19800
Buy Above: 19800 only on 15 minute candle closure Above the level.
Target 1: 19830
Target 2: 19880
=> # Remember each level will act as a support and resistance...
"Good morning, friends! As of November 21st, the global market sentiment is bullish, as indicated by the Dow Jones. However, our local market is showing a moderately bearish trend. It may open with a slight gap-up, or a neutral start, as the GiftNifty indicates a value of +60. There is no significant difference compared to the last session. Structurally, we can...
NIFTY is neutral for now as it is roaming in the range of 19600-19800.
19800 is showing lots of OI, which will be acting as resistance. On the downside, 19600 will be acting as a support zone.
If the 19800 level breaks, then after retesting, you can easily go long Unless you keep a neutral trade of rangebound 19600-19800.
Reasons:
19617 is a Good price...
Nifty important levels to watch are as follows
#Support: 19610
Sell below: 19610 only on 15 minute candle closure below the level.
Target 1: 19560
Target 2: 19485
#Resistance: 19680
Buy Above: 19680 only on 15 minute candle closure Above the level.
Target 1: 19745
Target 2: 19820
=> # Remember each level will act as a support and resistance individually...
As we discussed yesterday Nifty gave a nice bull move after the breakout. but in last 30 min it faced a heavy selling from the marked supply zone. Because selling was with good volume that shows the bulls weekness. and also RSI diversion was there. today it seems to be in range bound.
Reasons:
Heavy selling with good volume in last 30 min.
PCR = 1.01...
Expected to be in wave 3 within wave 5. Anticipating a minor decline before a potential further high to complete wave 3, as long as it remains above 19699.
As we discussed yesterday, NIFTY didn't go bearish. Instead, it gaped up. Once we saw the gap, the idea was updated to wait. But now NIFTY has given a trendline breakout, as can be seen on the chart. So NIFTY might be in the Bull's favor now.
Reason:
PCR = 1.16 (Strong Bullish)
RSI Diversion it might require some consolidation of a re-test.
Target to...
Nifty Tomorrow view-
Expected to be in wave 5 formation and expecting nifty to continue its rally to complete its wave 5 formation after which expecting a decline to correct the entire impulsive move.
Nifty important levels to watch are as follows
#Support: 19580
Sell below: 19580 only on 15 minute candle closure below the level.
Target 1: 19540
Target 2: 19460
#Resistance: 19655
Buy Above: 19655 only on 15 minute candle closure Above the level.
Target 1: 19700
Target 2: 19770
=> # Remember each level will act as a support and resistance individually...
Nifty important levels to watch are as follows
#Support: 19395
Sell below: 19395 only on 15 minute candle closure below the level.
Target 1: 19350
Target 2: 19300-19280
#Resistance: 19460
Buy Above: 19460 only on 15 minute candle closure Above the level.
Target 1: 19510
Target 2: 19580
=> # Remember each level will act as a support and resistance...
Nifty important levels to watch are as follows
#Support: 19310
Sell below: 19310 only on 15 minute candle closure below the level.
Target 1: 19270
Target 2: 19220
#Resistance: 19360
Buy Above: 19360 only on 15 minute candle closure Above the level.
Target 1: 19390-19400
Target 2: 19440
=> # Remember each level will act as a support and resistance...
Nifty Analysis
Recap from yesterday: “On the 1hr TF, Nifty has made an odd-looking W pattern, technically its a bullish sign but we need confirmation of the same by taking out the 19310 resistance soon.”
A look at the chart will make you a believer in technical analysis. We required a gap-up to go past the 19310 because bulls could not win over the bears during...
Nifty Analysis
Recap from yesterday: “The levels have not changed from yesterday, the first resistance is at 19226 and the 2nd one is at 19310. I am staying neutral till 19226 is not taken out, seems like it could be even done in the forenoon session.”
The gap-up took out my resistance of 19226 and was forced to go long. I was eagerly waiting for the 19310 to get...
