Nifty50intraday
Nifty 50 Index (NSE: NIFTY) AnalysisBased on the daily chart for the Nifty 50 Index (NSE: NIFTY), here is the summary and analysis:
Key Levels:
- Current Price: 22,488.65
- 50% Retracement Level: 22,458.10
- 61.8% Retracement Level: 22,324.60
- Target Price: 23,600
Chart Analysis:
1. Upward Trend: The chart shows an overall upward trend, with the index making higher highs and higher lows.
2. Retracement: The index is currently in a retracement phase, falling from its recent high of 22,705.75. The price has retraced to the 50% Fibonacci retracement level and is approaching the 61.8% level.
3. Support Zone: The blue shaded area represents a significant support zone between the 50% and 61.8% retracement levels. This zone could provide strong support and potential for a rebound.
Potential Scenarios:
1. Bullish Scenario:
- If the index finds support at the 50% or 61.8% retracement levels and rebounds, it could continue its upward trend towards the target price of 23,600.
- Confirmation of a bullish trend would come with a strong bounce from the support zone and a move back above the previous high of 22,705.75.
2. Bearish Scenario:
- If the index breaks below the 61.8% retracement level, it could indicate a deeper correction.
- A break below this level could lead to further downside, possibly testing lower support levels not shown in the current chart.
Trading Strategy:
1. Watch for Support: Monitor the price action closely around the 50% and 61.8% retracement levels. Look for signs of a reversal or strong buying interest in this zone.
2. Buy Position: Consider entering a long position if the index shows a strong bounce from the support zone with increasing volume and bullish candlestick patterns.
3. Stop-Loss: Place a stop-loss slightly below the 61.8% retracement level to manage risk in case of a further decline.
4. Target: Aim for the target price of 23,600 for the long position.
Conclusion:
- The Nifty 50 Index is currently in a retracement phase within an overall uptrend. The 50% and 61.8% retracement levels are critical support zones to watch. A strong rebound from this zone could lead to a continuation of the upward trend towards the target of 23,600. Conversely, a break below the 61.8% level could signal further downside. Monitoring the price action and volume around these key levels will be crucial for making informed trading decisions.
NIFTY 50 BEARISH MOMENTUM CONTINUESNIFTY 50 made a bearish reversal yesterday from 18790 area after taking liquidity grab from daily and weekly resistance of 18780. I have been predicting this trend reversal from last two days and yesterday we successfully hit our first profit target around 18721 which we documented (link below).
This idea is a continuation of our previous predictions and we are still bearish for NIFTY 50. The current bull run from 18670 to 18780 seems to me as market manipulation by big players to hunt more volumes. so those who were still bearish trade with us from yesterday can add more lots at current price if they wish at current price of 18780 with below possible take profits and stop loss area
TP 1 : 18635
TP 2 : 18556
SL : 18811
use proper money management and this analysis is for educational purpose only and not a financial advise.
#Nifty50 trading levels for may 2nd#Nifty50 trading levels for may 2nd. Develop your intraday trading skills with these levels.
Weekly target hit on Monday, so how to trade expiry?Hey guys!
Our weekly target of 16696 was hit on Monday itself due to a gap down and fall in nifty.
Yesterday and today, the markets have recovered and started the move from swing low to swing high. Therefore, the expectation tomorrow is bullish with a target of 17024 and 17170 after which nifty has the decide the direction.
However, the trenline is important and if it is broken, it can lead to a huge fall again.
Expecting a Gap up opening tomorrow and if Nifty opens in the channel shown in chart, it may consolidate after touching 17170 for a while. Break out from that channel is important and decisions can be taken based on that.
Please comment your views and ideas 💡 🙏. Thankyou!!
*for educational purposes only*
Nifty Futures Key Trading levels for 6th Oct 2021Nifty Futures Key Trading levels for 6th Oct 2021
Disclaimer: These levels are purely based on Price action/demand and supply zones & and consumed only for educational purpose & should not be taken as buy/sell recommendation. I will not be responsible for any loss/profit incurred if anyone takes trades based on my views. Please consult your Financial Advisor before making any trading decision.
Leave a comment that is helpful or encouraging. Let's master the markets together
