Support is at 15065.
Long Legged Doji candle with large upper shadow suggest resistance and supply at higher levels.
Further rise can continue if sustains abvoe 15264.
Traders long and holding the same can revise up and maintain the stop loss at 15065.
On fall and close below 15065 can lead to a retracement of the rise from 13666 to 15263.
The earlier breakout...
4 Hour chart
Positive Divergence on RSI has been witnessed.
As long as the low of 14441 is not violated expect a rise towards 15067-15243
for wave d later to follow up for wave e.
The above argument hold true as long as 14441 is not violated.
Once 14441 is violated expect a slide to
13974 as shown in the chart.
Its a correction market of sideways move...
you can think and do everything in reverse.
Analysis:- Nifty is basically doing a zigzag short-term correction following masse's fomo driven nerves and the strength of this market is too volatile. 800 points nearly 5% of the price fluctuation mind it.
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...
on 4 hour chart
SGX NIFTY is oversold zone on RSI and Stochastics.
It has also tested the earlier breakout point of 14663.
Today market lows violated tomorrow then downslide continues.
Earlier we had shown the retracement of the rise from 13588 to 15443.
SGX does have the gaps. But the big jump reversal seen earlier from 14065
could be tested if...
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.