Nifty has formed a Bearish Harami pattern on Daily time frame, if it breaks todays low 18063, 150 pts down move is clearly expected with in a day or two.
Nifty Levels Above - 18161-183, 18238-250, 18300-318
Nifty Levels Below - 18038-052, 17926-948, 18876-853, 17778-764
Nifty will behave similarly volatile till it remains between 18265-17747
Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss.
(Color code for Support & Resistance zones: Red - Sell, Green - Buy, Price once cross above resistance it is obvious it will work as support, vis versa price cross below support zone ). If any doubt for take...
Nifty Possible Trade for Tomorrow (Nifty me Kal Konsa Trade Le sakte hai )
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Trade Entry – If Nifty Sustain above...
15650-15557 is an immediate support range. Nifty if trades below 15557 then only negative.
Double zigzag correction from 15044-14885 is looks abnormal but as of now I am not able to see any other wave count.
1. Bearish RSI Divergence spotted on daily time frame as well as hourly time frame.
2. Strong Resistance at 15,500 level, might reverse.
3. Falling ADX signifies a weak move up, suggesting reversal.
4. Correction might last till 15,000 or 14,700 levels.
Retracement from 13967-13864 is not even 23% of wave iii that is why there is a point of confusion if wave v is started from 13864 OR wave iv decline is still pending.
(1) If nifty decline from here then 13847-13722 is support range and 13722 is trend reversal point.
(2) If wave iv is completed at 13864 then 14184-14381 is wave v projection range.
In 2hour chart from 10790 wave (a or i), (b or ii) and (c or iii) is completed at 12025, 11535 and 13777 respectively.
support range(retracement range for wave (iv)) is coming at 13252-12926.
If nifty trades below 12926 then only bigger decline is possible.
Nifty 15min chart suggest from 13402 wave 1, 2, 3 are completed at 13597, 13447, and 13773 respectively. If wave 4 also completed at 13658 then wave 5 projection range is 13800-13887 but if wave 4 is still running then 13696-13648 is support range in which wave 4 can complete and then 5 will start.
Nifty will be negative if trades below 13648.