Ideal entry once retest of the support of successful on EOD basis
may decide to wait this one out as all indicators extremely bullish
this could easily turn into a short trade given certain conditions met
Target - 22940
Had been waiting for this breakout
Price should hold above current support at smaller channel ceiling (confirmation)
SqzMom bullish and rising
Target 7035 - based off of the previous larger channel
SL - 6320 (smaller channel ceiling) on EOD basis
If you ask me, it looks bearish as it broke resistance and failed retest, then retested new resistance and now validated it and remains below 7330.
Earnings are also in and the emotion is bearish.
All levels in the chart.
High OI at 7000. Once that is broken, we could see price drop fast.
MFI pointing down.
I would target 6850, and trail below.
Trading in Bullish Channel
Formed Bullish Hammer
MFI has bottomed out
SqzMom has started to turn Bullish
VixFix could signal completed bottom anytime now
Looks sorted if the current trend support holds tomorrow and day after
Stop upon clear breakdown below trend support on EOD basis
Last 2 days had decent volume and price has broken support clearly and decisively.
New Range - (1430 - 1540 - 1620 - 1680)
MFI decreasing rapidly
Rising volatility (ATR), also check IV
IF breaks back above 1685 then this view will need modification.
Price has met resistance at 193-195 levels with 2 sweet Spinning Tops.
100 Day SMA @ 195.50 is a potential resistance.
Square off if it closes above 195 on Daily. A tight stop loss but playing safe; open to fresh entries.
Optimistic View - Nifty retraces to 7500 and rebounds back to current levels to complete a double bottom formation before breaking resistance @ 8900, in which case the target would be 10,000 (Max Call OI). This will become the next crucial resistance level.
Pessimistic View - Nifty retraces to 7500, either stays within 7500-8900 level or breaks...
Keeping it simple, long term supports and resistances are marked in the chart.
The selling pressure is high as foreign investors are pulling out of the Indian markets and the government acting against the market's expectations among other reasons. The sentiment is bearish. If nifty breaks the current uptrend, then we're looking at 10500/9950. In case of a...