Nifty formed three black crows means starting of reversal. Breaking the rising channel and staying below 14200 leads to 13800 levels. And staying below 13800 may leads to 13200 levels.. this is all positional view..
Note :- POST IS JUST FOR LEARNING PURPOSE ONLY BEFORE TAKING ANY TRADE DO YOUR OWN RESEARCH OR CONSULT YOUR FINANCIAL ADVISOR.
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Reverse head and shoulders pattern had depth of 1129 points to the head from base. This meant push of 1129 points from base to further up which comes up to 13297.
Nifty seems to have topped at that level and coincidentally that the level of resistance line Nifty has been following since Covid times.
Any closing below 13297 shall open Nifty up for fall to 12400...
Today's market was range bound due to expiry but but tomorrow we can see a trending market. I'm still positive on the market as this market rally is basically fii's buying and they bought 3500 Cr again today, the option chain has has slightly more put writing than call writing but basically the option chain data is inconclusive. All the world index's are hitting...
Dollar Index (DXY) is continuously taking Support at 92.00 levels in November and Nifty has consolidated around 12,800-13,000 during the same period.
It is the same levels from where DXY attracted investment and resulted in sharp correction in Nifty during September.
Just keep an eye out for DXY to retrace for shorting Nifty or to close below 91.70 to go long...
Nifty could hold on to the gains of today but couldn't seem to breach and hold previous Highs of 12960.
This could very well mean distribution at higher level for an impending fast correction. Especially when we are already seeing bank nifty getting weak.
Reliance and IT were main contributories to this movement but both the counters look to retreat and take...
Nifty trading around it's all time high but the reality is Indian Markets are ready to fall.I am expecting nifty to fall till 7000 level.Its time bond itano fall any time be careful my dear friends.This is just my view nothing personal.
Nifty has shrugg off covid blues and is back in its long term channel she has been following since Sept-18. 10-12% move in either direction is due now. I would incline to bearish movement because:
1 No news (positive/negative) expected
2. FTSE Rebalancing and effective pouring of FII money already factored into future data since Nov series beginning
Nifty has formed a double top pattern and it is near to its previous swing low level of 11661, if this level is broken then we can see some down side movements with supprt from fibonacci levels at 11551 & 11406
ONLY FOR LEARNING.
WE ALL KNOW THAT THIS RALLY IS BASED ON LIQUIDITY
INFUSED BY GOVERNMENT IN MARKET WHICH IS GIVING RUN
UP TO THIS RALLY. WE CAN SEE THIS
RUN UP TO CONTINUE TILL US ELECTION.
ONLY MY OPINION IT CAN BE WRONG.
IF IT BREAKS SUPPORT LEVEL DUE TO
CURRENT WEAKNESS IN MARKET THAN
WE CAN SEE NIFTY GOING TO LOWER LEVEL.
TODAY'S CANDLE IS A SHORT DAY BEARISH CANDLE. ALTHOUGH TODAY'S CANDLE IS BEARISH BUT STILL NIFTY IS IN UPTREND FORMING HIGHER HIGH AND HIGHER LOW WHICH SUGGEST THE UPTREND IS INTACT IN NIFTY WHICH CAN TAKE IT TO NEXT RESISTANCE OF 11550 -11600.
TODAY'S NIFTY WAS UNABLE TO MAINTAIN THE PSYCHOLOGICAL RESISTANCE OF 11500 AFTER GIVING GAP UP OPENING.
ONLY FOR LEARNING