Nifty travelling in a falling channel, Now Price traded nearby support zone.
Small Buy Chance above 11945 for the target of 12020 as per channel.
Sell below 11870, Next support levels are 11809 / 11714.
Nifty Overall trend is sell. Refer my previous post
Nifty is in the parallel channel support zone. William's %R is in the oversold zone. We might see some pullback from here.
Overall, we are slowly entering in a bull market phase in the upcoming quarters.
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NIFTY: Detailed Data and Price Action Trading Plan
Plan A: If it will not sustain above 11940, I will prefer to go short.
Plan B: It will sustain above 11940. I will prefer to avoid one side trade. I will take a position in option writing
because in this case, it will be sideways in 11900-12000 zone.
A day before, in my post for 6th December, I had said clearly that inflationary pressures, weak economic outlook and and consumption woes will not let markets move up. Least did I know that the fall would be so severe. It demolished all strong, or so called strong, supports on Nifty's (and Banknifty's too) charts and triggered stop-losses. Nifty closed below 20...
Nifty 50 has formed Three Inside Down candlestick pattern and the Bulls are losing momentum
In Option Chain of Nifty 50, there is heavy call writing at 12000, 12050,12100 Levels so they will act as Strong Resistance
On the 11950 levels, there is a good amount of call writing but put writing is less.
On the 11900 levels, there is a good amount of call as well as...
Nifty through the week was within a falling channel making Lower Lows and Lower Highs. At close today it came into the PRZ of 3 Bullish Harmonic Patterns, namely, Shark, Bat & Gartley. If it were to reverse from this level it needs to survive above 11940 for an hour at least. Then it could move all the way back to test the falling channel at 111975-12025. From...
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