Daily:
Nifty rejected bullish momentum from 200 EMA and closed below 50 EMA.
The big candle is evidence of supply pressure.
16841 is the pivot point because it has worked as support and resistance eight times.
Rejection of 17841 is a clear signal of resumption of a downtrend. Bulls have to keep prices above this level to overcome supply pressure.
However, Bearish momentum is more favorable but may create Lower highs.
30 Min:
If nifty gives a pullback of 16722, traders can make a selling setup with targets: 17639 - 16535 - 17400.
17400 is the support level, and the breakdown of this level will make it nifty more bearish.
Gap down is possible as Dji and SGX nifty are bearish.
Breakdown of wave 4 is the confirmation of bearish momentum.
I will update more information soon.
Nifty rejected bullish momentum from 200 EMA and closed below 50 EMA.
The big candle is evidence of supply pressure.
16841 is the pivot point because it has worked as support and resistance eight times.
Rejection of 17841 is a clear signal of resumption of a downtrend. Bulls have to keep prices above this level to overcome supply pressure.
However, Bearish momentum is more favorable but may create Lower highs.
30 Min:
If nifty gives a pullback of 16722, traders can make a selling setup with targets: 17639 - 16535 - 17400.
17400 is the support level, and the breakdown of this level will make it nifty more bearish.
Gap down is possible as Dji and SGX nifty are bearish.
Breakdown of wave 4 is the confirmation of bearish momentum.
I will update more information soon.
Note
In 30 min TFCorrection: its 16639 not 17639.
Support level is 16400 not 17400.
Forgive my typo...
Trade closed: target reached
Trade closed: target reached
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
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.