Just playing around .... kya kya dikhta hai Nifty pe baba re .....
The demand zone has become a supply zone. Break of the zone would entail short covering else keep shorting at the zone with sl just above and flip on break
Wait for BO, once is sustains ... T1 52 T2 Sky is the limit.
Tata Global has broken the downsloping trendline and broken out .. but but but ... needs to close above 150 and sustain - and since its a Weekly TF ... could be time consuming as well as itchy to wait and watch ... Once above that levels, expect it to move to 162 odd levels with some small stops and retracements in between.
Good support area with Sl pretty nearby. A good RR long here imo with 156-162 possible.
A move above 157 and we could see 161 in a flash. Move back down from these levels would be bad for the stock. Supports at 152 should be retested, IF, it fails to BO from hereon.
Nifty has come back into the rising channel after trying to breakout - which it did, but couldn't sustain. Now - Will Nifty touch the bottom of the channel or go back up for new All Time Highs ?
In continuation of our previous views - the demand zone has been broken and retested today via the gap up and upmove (that was hrly TF). On the lower TF (30 mins) a bear flag seems to have formed. Any move below 8730 and sustaining for at least one/two candles can be bad for Nifty. Very bad infact. Longs keep your stops strict, shorts abv 8760. Again, its very...
TL broken, now we wait .... for the lower demand zone to be hit.
As we see - RSI has already broken down, so looking short on the shorter TF too. TL touch should be there, if broken, 8770-60 on the NF offers good support as it has been umpteen times but but but ... a support tested multiple times gets weakened. IF that is broken, then we review, till then T1 he Trendline and then maybe 8770NF.