Get started
Vasu_devan

NIFTY VIEW

Nifty 50 Index (NSE:NIFTY)  
Vasu_devan Updated   
NSE:NIFTY   Nifty 50 Index
Trend Analysis Chart Patterns Technical Indicators nifty50 niftytrend niftytradesetup niftyview niftyoutlook niftylevels niftytomorrow niftytrading niftytips
0
0
trendanalysis chartpattern indicator nifty50 niftytrend niftytradesetup niftyview niftyoutlook niftylevels niftytomorrow niftytrading niftytips
NIFTY Nifty has given a Break out from falling channel and also taken out the budget day high.
The Break out is not at all convincing since the volume is missing. You can read it from the chart that last couple of days of moves were backed by low volume.
It is rather looking like a short covering. Going forward Volume profile suggest stiff resistance at (18080 -18120) levels.
Caution is advised and it is better not to chase the present up move.

snapshot
You can see that price is now at 0.618 levels and could face some resistance look for a pullback to 0.786 which is at 17800. A base has also been formed there, Which will also offer a good Risk/Reward

snapshot
NIFTY Hourly time frame VCP pattern is completed and given a break out above budget day high. As mentioned above the break out is not convincing. Wait for a pull back.

Good Luck
Comment:
snapshot
As mentioned yesterday resistance at mentioned levels.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.