Price is the cumulative result of all market information. Hence, technical analysts use price charts and chart patterns in their market study. candlesticks have become the most popular chart type for price action analysis.
we have 3 methods to identify price action with candlesticks.
1.One Price Bar (Pin Bar)
2.Two Price Bars (Inside and Outside Bar)
Current Supports for Nifty 50
Markets are falling from last October 2021 and now there are some hope for comeback (Demand Zone in Nifty 50)
Be cautious, because the global problems are still existing.
If the 16000 will not hold the Nifty as a support, than Nifty will be soon in the Range of 15000 - 16000
Pre-Open Stock Chart-2 #INDUSINDBK
Yesterday after giving Down-Trend, it has been settled in the zone 1326-1335 in last couple of hours. Multiple times it tried to break the range but fails every time.
If it is able to sustain below CZ Zone, it can easily go till 1320-1310 zone.
Buy Setup can be only initiated after break of trendline and CZ
Observations from the chart
- Made High of 404 on 7-Feb-2017
- Took that level out with a strong gap up (from 397 to 405) on 7-April-2017)
- Trading below 405 after almost 3 1/2 months
- Also Broken trend line now
-20 day EMA & 50 day EMA crossover observed after a very long time
Any rise towards 397-405 needs careful attention. Rejection at those...