DashSam

DashSam

Since March of this year, Nifty first consolidated around 16800-17200 (~400 points) and formed a double bottom with higher low and rose ~1000 points to 17800. Subsequently it endured a minor correction to 17560 and then again moved ~900 points to 18460. And now it is consolidating again in a ~400 point range between 18060-18460. It is displaying completely a...

DashSam

Pretty self-explanatory from charts. Currently trading in a range. Since it is expiry today there might be movement on either side if Nifty breaks the range towards the end of the session as either it will lead to short covering on the upside or long unwinding on the downside. For that to happen it should consolidate in this range for a couple of hours in the...

DashSam Updated 

Nifty has been in a very bullish trend and has recovered almost 900 points from the lows of 16800 to 17700. Although this bullish trend might continue but some retracement is due and various factors are going to hamper its up movement from here. 1. Trendline joining Covid lows and the previous swing low of June 2022. 2. Trendline joining previous swing highs...

DashSam

Nifty has been clearly operating in a parallel channel for quite a while now with now it being close to the top end of this channel. If one checks the Fib retracement for the recent swing high and low, then we can also see that it has retraced to 61.8% of its recent swing high and low. Does it mean it is a short here? No. We have to wait for PA to develop as a...

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...