DashSam

DashSam

NIfty in comparison to even US where there is major issue with banking sector has been very bearish. It has taken support from 16850 region where there was a gap and has tested it a couple of times. But the area of 16750-16780 which has provided major resistance and support from where price has moved very violently has still not been tested. IMO this area is going...

DashSam

Nifty RSI rarely ventures into Oversold zone (RSI <30). The last time that it happened was in 2020 during Covid crash and it generally comes back above within a few days. Most of the time it bounces back as it reaches near OS zone. Currently it is forming a double bottom or W pattern with higher low last seen near Sep/Oct 2022. In that case though W was quite...

DashSam

Nifty Index generally tries to correct by trending and then consolidating for a while and then resuming its bearish momentum. One can see that in Dec and Jan, Nifty corrected from 18700 to 17800 and then formed a consolidation zone between 17800 to 18200. This was the Fib retracement area betweeen 38.2% to 50% levels. In the last few days Nifty has corrected...

DashSam

Nifty has been bearish for 7 continuous sessions which is not sustainable and a pullback is due. It is currently at a confluence of multiple support areas which is 38.2% retracement of the whole move from 15183 to 18887, trendline joining the recent swing lows of 16747 and 18353 and also the Covid trendline if you join the close of the week of Mar end and 15183....

DashSam

Nifty has given a breakout from the downwards trendline after taking support from the trendline joining covid lows and swing low of 15183. It has retested that trendline and took support at that trendline which was also the breakout of the ascending triangle at 17910-17940. It formed a good W pattern in 15 min in this area and moved up but the bullish view would...

DashSam

A morning star is a visual pattern made up of a red candle, a smaller green/red candle with a short body (spinning top/doji) and long wicks, and a third tall green candle. BULLISH PATTERN Similarly the evening star consists of a green candle, followed by a doji/spinning top and third red candle. BEARISH PATTERN Ideally there should be a gap area between 2nd...

DashSam

Nifty has been consolidating between 17800-17900 since last few days. It is currently at a confluence point of both upper and lower trendlines. There are more bearish indications than bullish. Hence Monday opening plus first 15m/1 hr candle is hugely important to decide what happens next. A large movement is possible in the upcoming days if Nifty opens flat or...

DashSam

Nifty is in a symmetrical triangle with chances of imminent breakout on either side most likely tomorrow or on expiry day. Bearish bias because one can see on 4 hr chart Nifty formed a M pattern and then broke below the neckline and then retested and tried to go above the neckline but ended the day with a shooting star. On the downside immediate target of...

DashSam

Nifty Weekly chart looks bearish as it shows Nifty consolidating for few weeks and then breaking below the consolidation zone and currently trying to retest it again (bearish retest would have been much clearer if it finished below 17800 but it closed above it). But this could be a move to trap call buyers. On the daily TF, it looks bullish as it took support...

DashSam

Nifty after a wild budget day took support at the gap area of 17310-17350 and made a rapid recovery back to 17600. A trendline can be drawn that connects the Covid low, the recent swing bottom of 15183 from which we achieved ATH and today's low. A Fib retracement drawn from ATH 18887 and swing bottom of 15183 indicates that Nifty is just above its 38.2%...

DashSam

NIfty has given breakout on the downside from the consolidation zone and moved towards 17500, took support there and finished the week at 17600. It is highly unlikely that downside is over and that it may open with a gap up scenario even if global cues are positive. A flat open is not tradeable as Nifty might move to upside or downside and no way of knowing what...

DashSam

Nifty is currently taking support at the intersection of both the lower and upward sloping trendlines. It is also forming a double top pattern more visible on 4hr and Daily charts with RSI just above 50 region. Once RSI breaks below 50 and Nifty closes below 18030 chances are high it can move towards 17930-17960 today which would be a good shorting opportunity.

DashSam

NIfty in the previous week formed another doji candle with further range compression. This follows continued inside candles that it has been forming for last 3-4 weeks indicating a lot of indecision in the market. It encountered resistance from the upper trendline and is now resting on 38.2% retracement of the current rally. The Option chain indicates huge call...

DashSam

Nifty has made an inside candle or bearish harami on daily TF. It faced resistance from the trendline joining the major two swing highs and currently close to the upwards sloping support trendline. Scenario 1: NIfty might cross the downwards sloping trendline. This will indicate the current trend is intact and could possibly lead to a good rally. Wait for a...

DashSam

Nifty has given breakout from the descending triangle by giving a bullish Higher Low / W formation. Owing to the global cues today, Nifty might open flat or slight gap down but that doesnt mean it has become bearish. There is a possibility that it might take a retracement to retest the trendline again and that can be the possible region between 18010-18050....

DashSam

Nifty is currently in a bearish descending triangle pattern with the base forming at 17760-17800 region. This region has acted as a support and resistance multiple times and was also the gap area where from Nifty got to its all time highs. It is also the 50% retracement area for Swing high of 18887 to Swing low of 16747. Bullish theory: - On Fri Nifty once...

DashSam

Nifty formed a bearish engulfing candle by taking resistance from EMA 20, EMA 50 and MA 20 on daily TF at 18124. We had a confirmation candle below the bearish engulfing yesterday but the candle formed was a spinning top/doji. Nifty has been taking support from EMA 100 and MA 100 at 17880-17900 and is currently trading in this narrow range between 17800-18100....

DashSam

Data is showing bearishness with PCR at 0.5 and FIIs have shorted 40k calls and bought 58k Puts today. Inclination is to short if it opens higher or flat and goes down but Nifty is forming higher lows and RSI is also not in favour at the moment. One needs to be extremely cautious if going short. PCR at 0.5 or below denotes extreme bearishness and can trigger...