EXPLANATION : This is a 1 hour time frame chart of NIFTY . It has taking support from Demand zone and has formed kind of Double bottom pattern . If support taken from Demand zone I am bullish on NIFTY . If give a strong breakdown and broke its Demand zone with high volumes and retest the same , I am bearish on NIFTY .
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Nifty opened with a gap-up near 18380 level and we saw selling since morning, Nifty made a low at 18048 which is more than 350 points down from day high. Nifty took support from that level and we saw a bounce of 170 points.
Tomorrow Reliance result would be there and due to which we can see volatility in Nifty so trade with caution.
Expectations for Tomorrow:...
I have uploaded the Nifty Elliott wave study, and it has reached the first target of 18164.
The trader can trade pullbacks on the nifty.
As per the rule of the channel, Parallel channel B can provide support to the price.
After the pullback, If the price is not giving any reversal signal, it's better to stay beside the market.
If the price tries to fill...
NIFTY will open gap up today. Expected opening near 18500 level. After opening if nifty starts trading and sustain above 18560 level then expected further 90-100+ points upside rally. Downside 18450 will act as an important support for today session.
as one can see, a harmonic pattern on this nifty monthly time frame chart, that ultimate target is 20,000 +++.
This pattern is based on experience, not based on any bookish knowledge, so don't compare parameters of this pattern with any bookish parameters.
******whatever charts or levels sharing here are just for...
Expected it will open flat today. For today's session possible nifty will trade in between range of 17850 to 17940 level. In case any side of breakout will give strong breakout direction movement. Upside in case nifty gives breakout of 17940 level then there will be new high possible in nifty upto 18030+ level.
Monthly fib- red
Weekly Fib- green
Daily fib- yellow
Fibonacci is not only present in nature but is evidently present in our stock markets (commodity and crypto too).
This helps us to mark the important support and resistance levels without any other stimulus.
As per Nifty Chart, if its sustain above 18062 for some time we may see 18151 as a first level. If unable to sustain at this level we may see 17900 once.
This is for educational purposes only and my personal view. Please check from your end before entering in to trade.
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