Nifty Analysis for 20 may
resistance 1- 8924
support 1 - 8831
1.Market showing weakness,if rumors about corona vaccine get wrong nifty will show large bearish move.
2. Market is in range bound ,hold the temporary resistance of 9033.
3.Nothing showing positiveness other than vaccine rumors.
Nifty Analysis for 19 May
short covering can be seen up to level 8924
1.ltp is at crucial support of 8831
2. rsi showing divergence indicating short covering
3. massive sell off on 18 may.Sellers will be little exhausted now.
ADANIPORT is taking retracement from 61% fib level but 100 and 200 ema are below the trade price. It can take support from there.
Probability - support from 200 exp moving average.
Short trade for risk traders -
buy at - 405
target - 417
stoploss - 400
risk to reward ratio = 1:2
Long Trade -
Buy - 417 -420
sl - 390
2.stochastic rsi overbought
3.macd is in mood of downtrend
4.macd histogram already started to go down
5.a very strong candlestick pattern (hanging man)
6.high risk to reward ratio
7.elliot wave still holding