The market is currently hovering near key Fibonacci retracement levels, with 24,460 acting as a strong support zone. This area aligns with the 0.618 Fibonacci retracement from the recent rally, providing a significant level for buyers to potentially step in. The market has already tested the 38.2% retracement level and held above it. Key Scenarios: Gap-Down...
"In the last trading session, Nifty broke through a significant resistance level at 24472, hinting at a positive momentum shift. Currently, there is a substantial Open Interest (OI) of 45 lakh at 24500, which solidifies this level as a new support. With the market holding firm above 24550 and OI beginning to accumulate at 24600, we might be gearing up for a strong...
Rising wedge pattern in 1hr time frame breaks down & now it is getting retested. if got rejected nifty may see down move of 1000 pts in near future.
Rising wedge pattern of nifty 50 has strong resistance & weak support. index is not likely to break further as last trading session has not seen any strong long buildups just some short coverings. OI CHANGE -3.25 % AND PRICE INCREASE 1.11%.
Crude price may find support b/w 6190 to 6130. below theses level price may fall further. if trend got broken in upward direction on closing bassis trend may reverse. 6500 level will be possible in second scenerio.
Crude oil price again rejected from 200 ema in 1 Day time frame. In 4h time frame clear formation of double top & falling RSI. Price may retest 6000 level, below 6000 level 5700 may also be possible.
Weak secondary price trend, but upward primary trend (or in higher time frame)
1. Crude oil Price again got rejected from 200 EMA & respected longterm trendline in 1 D time frame. 2. Close below 6178 may drag the price till 200 ema in 4H time frame. that will be around 6000 level. Close below 6000 may drag the price further to lower trend line.