On 15m TF, 
NIFTY has given a ChoCh and taken out last swing low, confirming the temporary swing high of 22676. Price is still trading in the premium zone, with an accumulation forming in the last 2 sessions (Wednesday and Thursday)
Price is likely to take out the Sell Side Liquidity of this accumulation and likely to do a reversal from 22100-22180 levels, with an upside target of 22700.
Reasons:
If Market has to do a complete reversal from this level, it has to generate enough liquidity to take market up for next couple of days, hence this accumulation to generate liquidity and once Sell side liquidity is taken out, we can expect a reversal from the below demand zone (FVG).
If price breaks below the demand zone
1. Price may sweep the low at 21970 and reverse.
2. Price closing below the 21970 means, trend continuation for further fall.
Conclusion:
Opening is crucial, if the price dips to 22100-22180 range, observe price action in 1m or lower timeframes to enter long, with a tight SL below last swing low 21970.
If the price opens higher, it is likely to take out Buy Side Liquidity first and then fall to collect Sell side liquidity and then make the upside move.
NB: Not a financial advise, just sharing my observation for educational purposes.
NIFTY has given a ChoCh and taken out last swing low, confirming the temporary swing high of 22676. Price is still trading in the premium zone, with an accumulation forming in the last 2 sessions (Wednesday and Thursday)Price is likely to take out the Sell Side Liquidity of this accumulation and likely to do a reversal from 22100-22180 levels, with an upside target of 22700.
Reasons:
If Market has to do a complete reversal from this level, it has to generate enough liquidity to take market up for next couple of days, hence this accumulation to generate liquidity and once Sell side liquidity is taken out, we can expect a reversal from the below demand zone (FVG).
If price breaks below the demand zone
1. Price may sweep the low at 21970 and reverse.
2. Price closing below the 21970 means, trend continuation for further fall.
Conclusion:
Opening is crucial, if the price dips to 22100-22180 range, observe price action in 1m or lower timeframes to enter long, with a tight SL below last swing low 21970.
If the price opens higher, it is likely to take out Buy Side Liquidity first and then fall to collect Sell side liquidity and then make the upside move.
NB: Not a financial advise, just sharing my observation for educational purposes.
Note
Note: 14 March is a trading holiday for NSE, please ignore the typo, the analysis is for 17th March
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.
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.