Failure to break 14900-15000 the price has again came within bearish range that is followed from March month., Breaking the friday low may start a bearish trend in nifty.
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Even close below 14200 happened next day it rebound, it is now creating an another range in the bearish side. A convincing break is required for a trend.
Above 14500 things can get bullish till that time its bearish.
Disclaimer - This post is for educational purpose only. Please consult your financial advisor before taking any position.
LONG SCENERIO - Nifty50 has been trading in a very crucial level. The gap up from 2nd of Feb (Budget day)has being acting as very crucial support & seems to be like big players spot. Well we wanted to know if NIFTY has a momentum while giving reversal from support & we plotted a divergence that has occurred near support area.
Note while doing analysis, we also...
SGX NIFTY showing Trend line breakout and try to make new high.
The peak of 15433 is likely to tested.
Along with the current trend line
breakout if another breakout above
the peak is witnessed then expect
a rally to 1552(61.8%) Fib Project
,100% 16238 and 17374 (161.8%) 17347.
Support will be at 15134-15130.
Overall need to remain above 15100.
Resistance comes from 61.8% 15122 and from 15151.
If sustains above 15151 then expect a rise to next supply zone-15247-15433.
Finally if breakout above 15433 does happen then rally towards 15903(1.618)
Support gap 14870-14806 and the swing bottom low of 14639 will be key support form here on.
The pink line can be critical.
Black line can...
SGX NIFTY needs to sustain above the black line.
Alternatively, a fall and close below 14926
can lead to a swing top .
In that case the slide can be back to
13588 or below.
Trend is up therefore the bias
Expect to hold the black trendline.
Potentially look for rise till
1.618% retracement of the fall from 14769 to 13578.
THe level is 15506.
1. In this chart I circled price behavior in green at all levels provided few days back give the correct information of frequent entry and exit . If anybody has the knowledge of how much any move whether with trend or counter trend will travel in correct direction can perfectly work in intraday trades with the help of given support and resistance in this range...
COMPARING MY YESTERDAY STATEMENTS WITH REAL MOVE IN SGX TODAY.
1. In my last statements point no 2. I clearly mentioned that if price till morning do not cross green dotted line then gap up opening can convert into flat. But you see price crossed dotted trend line so market opened gap up. see in fig. I gave the cross area in yellow color which does not provide...
On 18th May Sgx Nifty gave a flat opening after that it felt more than 200 points with the opening bell of Indian Market. On second half sgx again climbed up and broked the resistance.
Possibility is very high SGX will open near 9100 in the morning. If it breaks 9100 and sustains for more than 30min Long can be initiated talking a target of 9140.
If SGX breaks...
COMPARING MY PREVOUS STATEMENT TO REAL MOVE IN SGX TODAY.
1. In previous post point no.3 I clearly told you about the condition of green doted line quoting my words " morning star parttern is seen that has been tested in next candle. If it really works then green dotted line will breach and price will go to in 1st micro zone ." You can see price breached the...