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Nifty levels - Feb 07, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
#Nifty directions and levels for February 6th. #Nifty Good morning, friends! Here are the directions for February 6th: The global market sentiment is moderately bullish, supported by the Dow Jones, while our local market sentiment shows a moderately bearish trend. It might open with a neutral to a slightly gap-up start, as indicated by Giftnifty showing a +20. Nifty has had a reddish sentiment in the past two trading sessions. Even though it is reddish structurally, we can expect a rally continuation when it breaks the fib level 38%. This is because the previous wave count shows a proper 5-3 structure. If the market sustains the gap-up and breaks the fib level 38%, then we can expect further pullback continuation with minor consolidation. Alternatively, if the gap-up doesn't sustain or opens with a gap-down, then we can expect correction continuation. It might not be in ABC structure; it might go in a 5-wave structure.
NSE:NIFTY
by Manickamtraders
2
NIFTY Intraday Trade Setup For 06 Feb 2024NIFTY Intraday Trade Setup For 06 Feb 2024 Bullish-Above 21970 Invalid-Below 21920 T- 22150 Bearish- Below 21720 Invalid-Above 21770 T- 21525 21315 NIFTY has closed on a bearish note with 0.38% cut today. In the we discussed in detail that index formed a bearish reversal candle at an important resistance level in daily TF. Below 21800 our short trade is triggered and our invalidation level is 22130. If our sl is triggered then above 22150 there will be a bullish move. We will trail sl after we get comfort move. Tomorrow once again on a flat opening below 21720 there will be a good sell off. Above 21970 there is a chance of a bullish move. Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 21970 then we will long for the target of 22150. For selling we need a 15 Min candle close below 21720. T- 21525 and 21315. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:NIFTY
by Omahto
05 Feb ’24 — A Sharp Fall from the Support LevelNifty Analysis - Stance Neutral ➡️ Recap from yesterday: ”The buildup from 24th Jan to today is a Double bottom (W) pattern and a small bullish trendline. All of which leads to confusion on what gets the highest priority. We would like to continue with the neutral stance for Monday with a slight advantage to the bullish side.” 4mts chart The 21913 support and resistance line was in play today and for most of the time, Nifty50 was trading above it. The start of the day was quite tricky though - we opened gap-up right at this SR level and then fell to the previous close. In the next 8 minutes, we are back above the SR line. Although the price action was flat, we felt the chances to break out were higher than a breakdown. But the reverse happened - from 14.03 to 14.43 Nifty lost a whopping 216pts ~ 0.99% and never recovered from that fall till close. This makes us wonder - what the reasons could be. Rumors broke out that RELIANCE may be interested in buying out the wallet business from PAYTM. Since PAYTM was in a lower circuit throughout the day, the results were felt on the RELIANCE stock. It started falling. But this is not contagious - why would the other stocks react to this? 63mts chart The next support comes at 21491, which is quite a long distance. The chart pattern is not at all bearish, in fact, it is more bullish than bearish. But we all know for an upward move, the resistance has to be knocked out whereas the support has to be breached for a downward move. For tomorrow, we wish to maintain our neutral stance and wait for some directional clues to appear.
NSE:NIFTY
by viswaram
NIFTY prediction for tomorrow 6th FEB 24As we discussed yesterday, NIFTY made a bearish movement after 2 pm with a nice volume. If we look at the chart data: Price has broken the pattern to the downside, now trading at 200 EMA. RSI has already gone below 40. Price is trading below EMA(13,50). Today, the selling volume was quite high. If we look at the OI data: PCR = 0.72, which shows a neutral structure because the price is at 200 EMA. 21700 is having nice PE writing, which is going to provide a nice support zone. On the upside, 21900 has significantly high CE writing, which will provide strong resistance. I am expecting the market to fall in upcoming sessions: Reasons: The market has already given a breakout to the downside. (Bearish) price < EMAs shows a bearish market structure. Currently trading at 200 EMA if breaks to downside path is clear till 21500. (Bearish) RSI < 40, which shows bulls are weak right now. (Bearish) price < VWAP shows a bearish sentiment in the market. (Bearish) OI data shows PCR = 0.72, which shows the market has a neutral structure. A little push to the downside can ignite a strong bearish move. (Bearish) Verdict: Bearish Plan of action: Sell 21800 CE (hedge it with 15rs CE)
NSE:NIFTYShort
by finnova_
6
Nifty levels - Feb 06, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
NIFTY Intraday Trade Setup For 05 Feb 2024NIFTY Intraday Trade Setup For 05 Feb 2024 Bullish-Above 22150 Invalid-Below 22100 T- 22350 Bearish-Below 21800 Invalid-Above 21850 T- 21550 21340 NIFTY has closed on a bullish note with 2.35% gain last week. On Friday also it closed with 0.72% gain but created a bearish sentiment as there was a huge sell off from ATH. 22150 is a strong resistance in daily TF, it formed a shooting star on Friday. Below its low 21800 a good fall can be expected in the coming days. After this shooting star is triggered 22130 will be invalidation level. And above 22150 next leg of rally will come. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22150 then we will long for the target of 22350. For selling we need a 15 Min candle close below 21800. T- 21550 and 21340. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:NIFTY
by Omahto
WHERE WILL NIFTY GO ? UPDATED LEVELSNIFTY cmp 20937 I have suggested Positional Longs near 18840..... and recently near 19850 Enjoyed Bull Run From 18840---->20960++ More than 2100 points Done Now as market is at ALL TIME HIGH we need to update our Levels So, RESISTANCE WOULD BE 20970 / 21080 / 21180 SUPPORT WOULD BE 20750 / 20600 / 20500 Regards.. Harm⭕nics4Life 06/12/2023 Disclaimer & Risk Warning I am not sebi registered analyst. My studies shared here are for educational purposes .. Do Consult Your Financial advisor Before Taking any Trade.....Good Luck!
NSE:NIFTY
by Harmonics4Life
CNXIT | ITBEESDisclaimer: This analysis is solely for educational purposes and does not make me a SEBI registered analyst. If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you. 🔍 More Analysis & Trade Setups 🔍 For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
NSE:CNXITLong
by Munish_Jain
3
NIFTY prediction for tomorrow 05 FEB 24As we discussed in our analysis & on YouTube , it reached the target and then fell. You can also find the analysis on youtube channel link in Bio. Now if we look at the chart: the market is in a rectangular uptrend pattern and is now at the lower support line. Looking at the selling pressure volume in the last session, it was a strong fall from ATH. Now, if it breaks down, it will be going at 200 EMA. Looking at the OI data: PCR = 0.85, which indicates bullish. also next week PCR = 1.0 shows bullishness. the market is leaning towards bulls unless it breaks to the downside of the channel. Upside 22000 is a really strong resistance level. On the downside, the next good support level is at 21500. FII & DII indicate a neutral signal. Now I am expecting market to be either sideways(inside channel) OR bearish (if breaks to downside.) Reasons: Price ~ EMA(13,50) shows mild bullish. RSI ~ 40-60 shows a sideways Market. market is forming HH & HL. Unless the market forms a lower low, the bearish trend is not confirmed. (Neutral -> because of sharp fall from ATH) OI data PCR = 0.85 shows mild bullishness. 21800 seems decent support, but on the upper side, 22,000 is strong resistance. verdict: Sideways in channel AND bearish if breaks to the downside. Plan of action: Go bearish if it breaks to the downside; Target 200 EMA.
NSE:NIFTY
by finnova_
3
Nifty levels - Feb 05, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
Nifty looking bearish with today’s rejection blockThere is a huge monthly value gap sitting between 21137.20-20158.70. This is a big bearish signal considering we haven’t got a pull back from the last high break, meaning this month. We could see the prices come all the way down to 20158.70 before we move back higher. This will be minor pullback on the bullish Monthly Chart. There is a weekly gap near the bottom of that monthly fair value gap which adds more confluence to the idea of a pullback on the monthly chart. The weekly however, is not showing clear Signals Of bearishness, Meaning the prices might still head up a little bit more. On the daily chart, Prices still respected the 16 January 2024 high and we are in the process of forming rejection block with today’s candle. If we see a gap down tomorrow or sustain lower prices, the daily swing low at 21448.85 might be first targets for short-term shots. For the coming 1 to 2 days, I will be looking for shorts on an hourly and 15 minute charts if prices sustain lower tomorrow. This we also lines up perfectly with my bearish bank nifty analysis.
NSE:NIFTYShort
by Ripul012
#Nifty directions and levels for February 2nd.#Nifty Good morning, friends. As of February 2nd, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment also shows a moderately bullish trend. It might open with a gap-up start based on Giftnifty, which shows +170. Nifty has a consolidation structure, so as per the structure, if the consolidation breaks, then we can expect a strong rally continuation. We can anticipate a move up to 78% to SZ(21012). Alternatively, if the market doesn't reach 78% with a solid structure, then it might turn into correction when it reaches 78%. Because if the market reaches there with consolidation, it might be in the 5th diagonal wave. So once the 5th wave completes, it will turn into a correctional wave.
NSE:NIFTY
by Manickamtraders
01 Feb & 31 Jan ’24 — Nifty Not in a Hurry to Go Anywhere YETI was not able to post the report yesterday as got a severe headache and fever. After closing my screen at 15.30 yesterday, got enough strength to open it today morning at 07.46. Seems like the analysis of Tuesday was more or less true even for today as Nifty and BankNifty went nowhere. The Budget 2024 was a 1hr speech, but it had no major changes - it looked like more of a reforms package. India being a developed country by 2047, I seriously cannot understand the relevance it had in the next year’s budget. The sad part is most of us may not be alive 23 years from now. I thought budget was to outline what is going to happen in the next 12 to 15 months. Nifty Analysis - Stance Neutral ➡️ Nifty has made a double top like pattern of which the bottom 2 points were right at the support line of 21491. That means - we cannot say with confidence if the next move will be bullish or bearish. We were all expecting Nifty to pick up a direction today after the budget announcement and since that did not happen - we may have to wait for further triggers. We would prefer to stay neutral till then. 16mts chart Due to the Budget event, the premiums on both Nifty and BankNifty were crazy today morning and only cooled off 90mts post the start. We are quite sure most of the traders would have minted a fair share of money today as whichever OTM strike you chose today, it had 2x to 10x unusual juice today. So even if you did not hold till 0, you would have ended up in GREEN. The only issue was for option buyers who would have expected a directional trend today - they would have gone home seeing their strike decaying value for no reason. 63mts chart Between the last expiry and today, Nifty has gained 317pts ~ 1.48%. Most importantly it has crossed 1 support level of 21491. Another interesting part is the open on Jan 01 was 21732 and the close today is 21697 which means for an entire month Nifty has moved less than 35pts. This also means the kind of amount non-directional traders would have minted this month and the plight of directional and trend followers. Staying in a non directional path also means consolidation. Bulls and Bears are reevaluating their army strength and will soon fight it out - we will get a trending move soon as soon as the balance is tipped. For tomorrow - we wish to start the day with a neutral stance and then re-evaluate based on Nifty’s plans. If we pick a direction, we will definitely update in the TV minds section.
NSE:NIFTY
by viswaram