Here I brings you the daily chart analysis of
NIFTY
Going back to 23 march 2020 Nifty 50 found a strong support of a trendline and never go below that trendline until 23 November 2021.
But on 22 Nov 2021, it gone below the trendline but still managed to close above trendline.
on 23 Nov 2021 it opens below the trendline but closed above it.
similar story for 24th and 25th November
But 26th November was the day when Nifty Opens below the trendline and closed far below it... that was the day since nifty never gone above it.
On 12th, 13th, 14th and 17th January 2022 it again tried to go above the previous (Solid Dark) trendline but failed to do so, and pushed below the newly formed downward trendline (Dotted Trendline).
Nifty again tried to cross above the new trendline on 2nd and 10th February 2022, but failed.
From last six days Nifty continuously trying to go above the dotted line but every time it got rejections.
Conclusion of Analysis:-
1. Nifty may remain in the downtrend until it crosses the dotted trendline and sustain above it.
2. If it succeed to cross above the dotted trendline, Nifty may remain in a sideways trend until it breakout the 17800 zone.
This Analysis is not a trade recommendation, this study is purely for education purpose only, Do your own Study and Research before getting into any trades.
NIFTY
Going back to 23 march 2020 Nifty 50 found a strong support of a trendline and never go below that trendline until 23 November 2021.
But on 22 Nov 2021, it gone below the trendline but still managed to close above trendline.
on 23 Nov 2021 it opens below the trendline but closed above it.
similar story for 24th and 25th November
But 26th November was the day when Nifty Opens below the trendline and closed far below it... that was the day since nifty never gone above it.
On 12th, 13th, 14th and 17th January 2022 it again tried to go above the previous (Solid Dark) trendline but failed to do so, and pushed below the newly formed downward trendline (Dotted Trendline).
Nifty again tried to cross above the new trendline on 2nd and 10th February 2022, but failed.
From last six days Nifty continuously trying to go above the dotted line but every time it got rejections.
Conclusion of Analysis:-
1. Nifty may remain in the downtrend until it crosses the dotted trendline and sustain above it.
2. If it succeed to cross above the dotted trendline, Nifty may remain in a sideways trend until it breakout the 17800 zone.
This Analysis is not a trade recommendation, this study is purely for education purpose only, Do your own Study and Research before getting into any trades.
Comment:
Successfully crossed and sustained the new trend line, now it will act as strong support.
Comment:
as soon as it sustained the new trendline, a quick bullish move was noticed.
Comment:
Price again at the verge of new trendline, lets see either it find support of it or will again go below it.
Comment:
Nifty pushed below the new trendline, again!
Comment:
16980 last support area....
Sellers pushed price down in first half...
Then after buyers pull back the price but unable to pull the price above the open of previous day candle.