Nifty 50 Index continued its winning streak for sixth session in a row. India Vix also cooled off to 16.65 and is now at the lowest levels since Jan’22.
Daily TF – Weekly Range
Structure of the index is bullish on daily and hourly TF- making higher highs and lower highs, and index seems to have reversed in the short term. Index did not give any major correction at XABCD Harmonic PRZ (0.886) and is now trading at ABCD PRZ (16,720) after giving a straight run from 15,850 levels (impulse). Higher probability trade will be a reversal trade as a pullback is due for the impulsive upmove. However, we will wait for additional confirmation.
Key levels
Next Resistance: 17,000 (Phycological and 1.13 PRZ)
Key resistance: 17,230
Support: 16,300/350
Non directional Option sellers can consider selling the above ranges.
30M TF – Intraday
Index is taking support from the dynamic trendline which is holding the uptrend and breaking of the same will signal weakening of the upward momentum.
Key levels
Resistance: 16,760
Support: 16,580
SGX Nifty is indicating a minor gap down opening.
Daily TF – Weekly Range
Structure of the index is bullish on daily and hourly TF- making higher highs and lower highs, and index seems to have reversed in the short term. Index did not give any major correction at XABCD Harmonic PRZ (0.886) and is now trading at ABCD PRZ (16,720) after giving a straight run from 15,850 levels (impulse). Higher probability trade will be a reversal trade as a pullback is due for the impulsive upmove. However, we will wait for additional confirmation.
Key levels
Next Resistance: 17,000 (Phycological and 1.13 PRZ)
Key resistance: 17,230
Support: 16,300/350
Non directional Option sellers can consider selling the above ranges.
30M TF – Intraday
Index is taking support from the dynamic trendline which is holding the uptrend and breaking of the same will signal weakening of the upward momentum.
Key levels
Resistance: 16,760
Support: 16,580
SGX Nifty is indicating a minor gap down opening.
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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.