Nifty 18865 has got rejected at 18756 and has slipped the support zone 18774 - 18724 to close at 18666.
1. Bearish wedge pattern
2. Negative diverged technical indication
3. price rejection bar pattern around 18774.
4. market data suggests sellers coming in as price falls even with short covering couldn’t
raise nifty above 18745.
All the above make us...
Nifty 18203 - hourly indicator suggests possibility of negative divergence formation, HS pattern is visible in the chart which is bearish. Daily indicator is also negative. Resistance at 18255 and support at 18070.
Nifty 18069 - Nifty couldn’t hold above18187 and has slipped and trying to hold the support 18042-18066. Resistance is at 18187. We expect nifty will be bearish in coming sessions and has more possiblity to test 17840..
Nifty 17812 - has closed above the trend decider resistance 17752. As long as it could hold this support we expect nifty to test 18152. Below this trend decider nifty has support at 17420. As long buildup could be seen in market data we expect nifty has more possibility to test the resistance.
Nifty 17624 : Has closed above resistance 17620. Support is at 17537. Market data suggests long buildup. Possibilities to move high as day signals are bullish. Consider short / long strictly around these values according to nifty moving direction. Falling down from above resistance / support - short, raising above the resistance/support from bottom - long.
Nifty 17599 - Expecting 17620 as trend decider. If closed above nifty could test 17760. If couldn’t move above 17620, then nifty has support at 17540. Market data suggests long buildup. So more possibilities for nifty moving further high. Consider long or short positions strictly around 17620 ( +/- 20 )
Nifty 17359 - Has traded in the resistance zone in the last session and has closed below the upper resistance trend channel.
17378 will be the trend decider.
If trading below the decider we shall expect Nifty touching 17220.
Price at upper trend and the indicator also at high sold region add value to bearishness.