As we can see the the nifty is testing the resistance and aligning with the trendline means we cannot decide the direction of the market until it breaks the resistance or trend line (dynamic support).
Hence people looking for a swing moment need to wait till the market confirms the direction.
Reason -(Swing Tarde)
As we can see morning star on Daily TF taking support at a lower level of break away gap formed on 7 Oct + On WEEKLY TF we can price forming Pole and Flag Pattern and the price is currently trading at the lower end of the pole.
Entry & Target-
For safe buyers, one can enter if the price sustains above 2330 levels.
Target 1- 2546.00...
As we can see price taking support at 4400 levels & a morning start candle formation can be seen at that level. As the THIRD candle of the morning star is a big momentum candle we can expect a rally to the upside to the levels of 4980 and furthermore to 5250-
When to enter-
- Long term buyers can enter now.
-But swing traders can wait till the price retraces...
BANK NIFTY is down by 4.49% in last week. So what to expect next week?
Bank nifty in a zone where it was in consolidating for 4 months (MAY 21 -AUG 21) before finally breaking away.
CHART PATTERN- We can see BANK NIFTY was in rising Chanel from 26 Nov- 16 Dec before breaking it with heavy selling pressure.
This may also be said as GAP FELLING formed on 7 DEC...
Nifty is down by 3.54% from last week. So what to expect in the coming week?
Well as per my analysis we can see a break of rising wedge pattern with huge selling pressure on daily TF and price have retested the level before continuing the prior trend on smaller TF(1H)
If Nifty breaks the level of 16777 we can next immediate support at 16700 which is formed by...
As the price has broken and retests the level of 1710.00 there are chances of price continuing upside but wait till price to close 1835 because we can multiple wick rejection at that level so the price may pull back from 1835. And take entry with you confirmation