DashSam

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...

DashSam

Two crucial levels for NIfty in the past year and half have been the region between 17750 and 18000 . It has taken multiple resistances (red circles) and support as well (green circles) at this specific region. It did the same in the last few weeks as well and is also the 50% retracement area for the current rally from 16747 to 18887 . I foresee two...

DashSam

NIfty in the last few weeks has gone from 16800 to ATH 18900. The move was swift and without any retracement hence in the last couple of weeks Nifty has retraced to the 50% area which is 17800 of the current upmove from 16747 to 18887. Post that NIfty then tried to move up but faced resistance at 18200 and has slid back below the level of 18000 but ended the day...

DashSam

Nifty broke from its bearish wedge pattern and gave a big downmove today. At the moment it has closed today at the 61.8% retracement of current SH 18473 and SL 17774. If Nifty opens flat tomorrow there is potential support at 17960-18010 which has held up multiple times. So any break below in the second half of the day and since it is an expiry tomorrow the move...

DashSam

Nifty has been forming higher lows and is currently in a bearish wedge pattern. But it has stayed afloat above 18200 after multiple drops below it which was the retracement level of overall trend from 18887 to 17774. So bias is long since it is holding the level of 18200 and there are multiple supports below. If Nifty opens flat potential upside towards 50%...

DashSam

Nifty has ended the year at a very crucial juncture and next few days or weeks would define its way forward in 2023. Fibonacci Analysis: - If one connects the Sep end lows of 16747 and current Dec highs of 18887 , Nifty retraced to its 50% level of 17800 and found support there. Similarly for the current downmove in Dec from 18887 to 17774, it found...

DashSam

A rally in upcoming week? 1. Doji candle at channel break/bottom stating indecision in the market. There could be a possibility that it has broken the channel bottom and just retested it and will continue its downward movement. If Nifty trades below the 15180 levels then 14900 is a possibility in the next week 2. Volume expansion observed at the previous bottom...

DashSam

Weekly Line Chart shows Nifty at an important juncture. Nifty has formed consecutive Head and Shoulders pattern and the current levels show a possible retest of neckline on line chart. On the candle chart this is not quite visible but this could be an important turning point and on the Fib idea I posted before it is a very crucial zone as it is the 61.8%...

DashSam

Nifty is finding resistance in the 17300-17350 zone and the one day it opened above 17400 it could not sustain and fell rapidly back to below 17300 levels. The reason for this could be it is 61.8% retracement level of LH formed on 17351 (18 Jan) and LL of 15671 (8 Mar). Obviously this doesn't mean that NIfty could go down substantially from here. It could...

DashSam Updated 

Nifty has been in the long running parallel channel and this week took support from the bottom of the channel and the trendline from ATH on 19th Oct where it has taken multiple support and resistance. Scenarios for the next week: - Scenario 1: - 1. On the line chart, Nifty is forming a double bottom with bullish divergence on Daily RSI (14) so a bounce is...

DashSam Updated 

The Head & Shoulders Pattern forming on Nifty is pretty much visible to everyone. But there are various possible scenarios on where Nifty could turn more bearish or bullish in next 1-2 weeks. Scenario 1: - Nifty could immediately turn from tomorrow onwards as there is a convergence of the neckline drawn from the close price of 20 Dec, close of 14th feb and low...

DashSam

As we all know in a trending market there are swing highs and lows and Nifty had a brilliant run from 2016 low till pre-Covid fall. Fibonacci levels are crucial (although after the price action has happened) in predicting why trend is facing support/resistance at a particular price. Taking the Fibonacci retracement from the trend from 2016 swing low (6825.8) to...