Nifty50 is performing extremely well and we can see an ascending triangle pattern breakout also it has retested its previous area of value and now it is trading above its previous high. 20,50,200 (EMA) is fanned out and the price is above these 3 moving averages.
Just some observation on weekly chart - After breaking out of 14474-77 levels in 1st week of Feb, Nifty has re tested this level 5 times, made new lows but weekly closing has never been below 14474-77 as of now. And 14474-357 looks like a good demand zone on weekly chart. Also a hidden bullish divergence is observed in the chart. So view would continue to be...
This is my first post for Indian Stocks, if you like the following then give feedback and I will do more.
So to the analysis. What I am seeing is price trying to retrace to that strong demand zone lower. Now it looks like we created an inverse head and shoulders after failing to retrace fully to demand (which is normal).
From todays perspective it appears as...
Long nifty if it sustain above 14925 or getting a breakout of inverted head and shoulders in RSI as same as in nifty, target should be above 15200 and 15250 with a minimal stop of below the previous candles close and could be below to the previous low,
When to trade?
1. Open above 14900 and sustain
2. Breakout in a RSI of the drawn trend line
3. Breakout of...