It looks like complex correction is in process(Triple Zigzag to be precise). So the view is bullish for short term.
Also there is a breakout of bearish channel and the Target for the same turns out to be 9600 and 9850, ideal stoploss for the setup can be below 8800.
Nearest Support levels: 9000-8800
Nearest Resistance levels: 9600-9850
nifty is going to open more than 200+. At opening (b) control price can react as resistance, otherwise, the next resistance at (a) controlled is too far at 9414 nearby.
There's more chance to get a fall on nifty.
As per the time cycle nearby date 20 April, we may see nifty 8800 below.
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.
BANK NIFTY: WEEK-TECH-SHEET->17th June 2019 to 21st June 2019
Bank nifty moves around -603.85 pips from 17th June 2019 to 21st June 2019, in which bank nifty break last week 10th June 2019 to 14th June 2019 bottom 30508.95.
The latest correction (in last week of April & first week of May) has got some significance from a pure technical analysis perspective. Weekly chart is being considered for analysis.
OBSERVATION 1: For the third time if not more, we could see Nifty appears to have peculiar price action on its second attempt to break life time high. Each time in the previous two...
The first link is of Nifty daily chart where Nifty is close to two zones namely zone -1 & zone - 2, from where an impulse action has the possibility to hit the first competitive target of 9792.05 . Many are saying that there might be a support at around price range of zone -1, which according to the daily chart it is showing that it is a supply becoming demand...
In Nifty we have two potential patterns, when there is potential patterns bcos of greed we tend to trade CD moves, its really bad habit. You should not trade CD move during your learning phase of patterns. The safest setup is to trade after pattern completion from D point.
In Nifty, a week before we had more than 300 points in 10 days just by patterns but that...