It broke 200ma and tried to trade over 200ma. But got rejected thrice. the first target is 1300.
1400 pe @35-37 is looking attractive.
Disclaimer- This my personal view, please consult your financial advisor before investing.
NSE:NIFTY Immediate support zone@ 11110-11140
Immediate resistance zone @ 11700-11720
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As expected, () nifty gave a slow move towards upside and the same we expected.
It broke the channel but was not able to sustain above it and came back in channel at the end of the day by forming the upper shadow, this upper shadow shows the sellers strength at the level.
TREND ANALYSIS & TRADE SETUP
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Appreciate via Liking and Commenting , which boost up my moral for More Post with perfect Entry Exit Target setup.
Currently NIFTY is reacting from a FLIP zone, however the approach towards the zone was Compressed price action. Compression are often designed by institutions to "keep the path clear" for a swift opposite movement of price.
MARKET DOES NOT LIKE GAP SO NIFTY FILLED GAP OF 200 POINTS AND TOOK SUPPORT AT VERY CRUCIAL SUPPORT AREA 11380 TO 11420...NOW IF NEAR TERM RESISTANCE OF 11500 TAKEN OUT THAN NIFTY CAN BE EASILY GO TO 11670 TO 11700 LEVELS...IF NIFTY TAKEN OUT 11380 VIEW WILL BE INVALIDATE
As per the analysis, market in a neutral zone.
This SUPPORT & RESISTANCE works live and expect a bounce back to that levels.
For 9th Monday , there will be a Shorting Opportunity if market open and close BELOW 27250.
For 9th Monday , there will be a Buying Opportunity if market open and close ABOVE 27250.
SELL AT HIGH , BUY AT DIPS.
After a decent pullback from its recent lows 5446.05 now at resistance at around 6300 level.
This makes an ideal short from today's closing price 6208.55 for a target of 5720 & 5450.
View negated above 6350 (Stoploss)