Nifty Outlook - Will the bulls cease the falling knife of Nifty?
Updated
Price Action Perspective:
Price is creating a value area where supply and demand are equal.
The control line of the value area has provided eight price touches to confirm the price move, and it has provided five reversals.
In this view, Nifty is on the control line of the value area at 17615. Price has drawn a doji candle on the control line.
There are seven pieces of evidence of a reversal on the control, so the level of 17615 becomes a key level for traders.
In addition, nifty often gives a gap-up after every powerful doji candle. if it has the potential to reverse the price, nifty can reverse with gap-up. ( You can see green circles in the chart)
Conclusion:
If Nifty could not sustain above the control line, it would start a downward movement till the lower band of the price area. Price seems strong above the control line, and if the price sustains above 17614, we may see a low 17760-17914-18123+.
Price is creating a value area where supply and demand are equal.
The control line of the value area has provided eight price touches to confirm the price move, and it has provided five reversals.
In this view, Nifty is on the control line of the value area at 17615. Price has drawn a doji candle on the control line.
There are seven pieces of evidence of a reversal on the control, so the level of 17615 becomes a key level for traders.
In addition, nifty often gives a gap-up after every powerful doji candle. if it has the potential to reverse the price, nifty can reverse with gap-up. ( You can see green circles in the chart)
Conclusion:
If Nifty could not sustain above the control line, it would start a downward movement till the lower band of the price area. Price seems strong above the control line, and if the price sustains above 17614, we may see a low 17760-17914-18123+.
Comment
Previous Idea:
Comment
Reserch Report 1: 
Comment
New Update Nifty:
Trade closed: target reached
Price has broken the control line.Bearish scenario reached target.
Lower band at 17249.
Comment
Related publications
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.