As I warned before, nifty is in SELL ON RISE market, the price keep on breaking the PDL and forming a new low on daily basis.
nifty may take support from trend line support of 16950, or else the price may further drop to 16700, 16400 levels.
There are two big events coming 1. FED meeting and 2. BUDGET.
Market will be super volatile on upcoming days, take trade...
A big bearish red candle on day chart which might be a short term reversal to the last 2 week bull rally. While taking fibonacci retracement from the top, nifty may touch 17900 levels which is .236 fibs levels.
caution: be in SELL ON RISE mindset still nifty closes above todays high.
Banknifty has made a reversal candle exactly at the .618 fibonacci retracement levels as you see in this chart, if tomorrow the price breaks today's low then it may further come to 37100 levels..
caution: Be in SELL ON RISE MINDSET, careful in taking long position until the price breach the todays high.
The stock given a HNS pattern breakout in weekly and daily time frame, and can move towards the trend line drawn on the chart. Once it break the trend line it may fly further as per fib retraccement. levels
As you see in this chart, later this year also. nifty forms the same pattern i.e., travelling in a parallel channel. Once the channel broke,the price touches a new high.
Same way, if it broke the channel we may expect a further up move or else the price may travel towards the lower end of the channel.
As you see in the chart, nifty clearly heading towards the lower end of parallel channel, but a little bounce is expected as the nifty is in oversold region in minutes chart.
Nifty is in clearly bearish mode till it broke the previous ATH high, so SELL ON RISE would be the good strategy to play.