NIFTY-Trendline-Retest-Gap Down ??Observations::
GAP DOWN opens
---------->> Price broken the trendline and observed a strong fall, and retest is observed at trendline @18340 levels.
---------->> Previous supply zone @18200 level resist the price to go down.
If tomorrow price breaks this level, we will observe a strong fall towards 18120,18060 levels.
if price again breaks 18200 levels, 18120 level acts as a pullback to 18200 level, at this level previously strong sell off is observed, here
(18200-18120) if again strong push to the down side happens price falls below 18060,up to 17960 levels.
---------->> we have an untested demand zone @17960 will push the price upwards again.
---------->> Be careful at (18200-18120) and 18060 levels.
Niftyoutlook
NIFTY--Breakdown happens ??Observations::
---------->>Price opened gap up and observed a strong fall + consolidation.
---------->> Previous supply zone (gap down) range @18260 level resist the price to go down .
If tomorrow price breaks this level, we will observe a strong fall towards 18200,18120 levels.
if price again breaks 18180 levels, 18120 level acts as a pullback to 18180 level, at this level previously strong sell off is observed, here
(18200-18120) if again strong push to the down side happens price falls below 18060,up to 17960 levels.
---------->> we have an untested demand zone @17960 will push the price upwards again.
---------->> Be careful at (18200-18120) and 17960 levels.
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Nifty 50 Index Next MovePair : Nifty 50 Index
Description :
Bearish Channel as an Corrective Pattern in Long Time Frame with the Breakout of the Upper Trend Line and Retracement
Divergence - RSI
Break of Structure
Completed " 12345 " Impulsive Wave and " ABC " Corrective Wave
SMC - CHOCH
Fibonacci Level - 78.60%
NIFTY--Fall Below 18260 levels (Expiry)??Observations::
---->> After gap up NIFTY clearly showing bearish pressure towards 18200 levels, if again price goes below 18260 levels, we will go for selling up to 18200,18120,18060 levels.
------->> If any one of these levels acts support price will again goes upside.
-------->> Wait for more confirmation at 18200-18180 range to break and pullback to 18260 or 18220 levels.
-------->> Above we have a resistance @ 18380-18400 range.
NIFTY-Today bullish move created to exit the long positions??Observations:
-------->>Nifty trending upwards, today it proves that it's a retracement not a reversal sign.
-------->> Again showing bullish movement in nifty, witnessed buyers are still in control.
today bullish move created to exit the long positions?? why don't we think sooo....
-------->>We suspect that if it is a false breakout in nifty above 18260 level , this time the fall will be below 18060 levels.
-------->> At this point 18250 level, sellers are exists by showing a huge gap down , why don't we think of sellers may again push the price towards downside.
--------->> If we consider these 2 levels, 18200 or 18100 they are not strong enough to push the price higher, so if price started falling it may clear all these levels, and we have an untested demand zone@17960 levels.
NOTE:
Is this false breakout above 18260.
NIFTY- which level Holds 18200 or 18100 ??
NIFTY--Retracement is to Enter Long Again Not for Sell ??Observations:
-------->>Nifty trending upwards (after a huge gap down means not to sell, its a retracement)
---------->>After a strong bullish movement, after breakout from 17800 levels,
----------->>Nifty gives larger retracement towards 18050 levels, this retracement is to enter again long with the momentum upside towards 18300,18500 levels.
--------->> consider this an opportunity to enter long from these zones, not to enter for short.
--------->>Nifty showing pressure on bearish side, but wait and enter for long here, leaving a demand zone @18000-17960 levels. Be on long side with the movement.
NOTE:
NIFTY- Bullish from this zone 18000-17960 ??
Nifty Weekly Analysis for May 1-5Analysis on nifty for upcoming week May 1-5:
The Nifty index seems to exhibit a bullish trend in the long-term & in the short-term as well, according to the market structure.
In the upcoming week, it's important to monitor key levels 17610, 18090, & 18105.
My outlook:
After analyzing the chart, it appears that the Nifty index had a strong upward momentum last week, gaining 475 points.
Based on this, it is my expectation that the market may enter a sideways movement phase with increase volatility in the upcoming week, with the index trading within a range of 500 points, specifically between the levels of 17610 and 18105.
NIFTY--Gap down occurs @18260 level??Observations:
NIFTY Previously showing Strong bearish pressure at this level.
NIFTY-- Price leaving a demand zone 18180 if this level acts as support, price reach again 18260 level.
--------->> If failed to act as demand zone the same zone is acts as Supply again and price falls back to below 18180.
--------->> Go short below for targets of 18060,17950 levels.
NIFTY--Drop-Base-Drop Form??Nifty Observations:
-------->> After opening gap down ,showing bullish pressure but not able to fill the gap on upside.
-------->> Consolidation is observed .
-------->> Go short if price breaks 18070 level, for targets of 18020,17980,17960.
-------->> Expiry may limit the price movement in the range 18100-17960 levels.
NIFTY--Retracement or Reversal ??Observations:
--------->> After a strong breakout in nifty @17800 level, no proper retracement is observed.
--------->> If 18200 acts as resistance we will observe a retracement towards 17800 or 17500 levels.
--------->> If price break 18200,we have an immediate resistance @18250-18300, a false breakout may happen here @18200.
---------->>Price wants to test the previous supply @ 17800 level which may act as demand zone to move the price towards upside for the targets of 18200,18500 levels in the upcoming weeks.
--------->>This week price is ranging between 17950-18200 levels.
Note::
Consider it as a Retracement not a reversal in NIFTY.
NIFTY --Strong Support @17840 -17800 ?? or Reversal @17500Note:
Strong Support @17840 -17800 will acts as support go long again from this levels to reach 18100,18200 levels.
It is recommended to remain on the buy side within the range of 17800-17840, as no significant retracement has been observed after breaking the supply zone at 17840 level.
If this level acts as support, weekly expiry is expected to be bullish to consolidation at (18100-18200).
Observations:
After trending upwards in NIFTY yesterday, today the price continuously moving upwards,
They are now poised to reach untested supply zones at 17920-18100 levels.
However,, and if any of the previous supply zones act as support, the price could move back upwards.
Nifty--Expiry Levels.Yesterday, the Nifty demonstrated bullish pressure above the significant resistance level of 17800.
As a result, it is expected that there will be a swift retest of this level, followed by a price increase.
Support range is 17800-17840 levels.
However, due to the monthly expiry, the price is currently consolidating within the range of 17960-17800 levels.
It is important to keep an eye on the untested supply zone at 17680, which is anticipated to act as powerful demand in the future.
NIFTY- Will reach 18000 by monthly expiry???Observations:
After trending upwards in NIFTY yesterday, today witnessed sellers opposes the price moving upwards,
They are now poised to reach untested supply zones at 17700-17680 levels.
However, buyers may lack the necessary power to push the price higher, and if any of the previous supply zones act as support, the price could move back upwards.
It is recommended to remain on the buy side within the range of 17700-17680, as no significant retracement has been observed after breaking the supply zone at 17680 level.
If this level acts as support, monthly expiry is expected to be bullish.
Precision of the chart. Look at the yellow circle. The blue line is exactly where the Nifty stopped. That is a strong resistance crossing this resistance we may face next resistance at 17863. Supports on the lower side are the same are 17552 and 17532. If 17532 is broken we may see the levels of 17467 and 17198. For Now everything looks good. Above 17863 we will see resistance near 18092 and 18360. (View remains the same). Nifty following this chart.
NIFTY-Fall again from LH @17760 (Demand acts as Supply) ???The NIFTY index has once again risen, but it has formed a lower high at 17760,
which is the same level as a previous demand zone. Interestingly, this same demand zone now appears to be acting as a supply zone,
as evidenced by the fact that prices have fallen back to the 17560.
If the price manages to break below the 17700 level, which is an internal supply zone,
it is likely that this level will once again act as a supply zone, causing prices to fall further below the support levels at 17560-17520.
Morning Mantra - 25th April 2023Dear All,
It was an amazing day yesterday . Wherein, we had observed that after a gap up opening of 17707, Nifty had made a day’s low of 17612 and had thereafter made a sharp recovery from that level.
Overall on the hourly chart of Nifty, we can now observe a head & shoulder formation . Wherein, the level of 17800 can be considered as its neckline . Above this level of 17800, we can see Nifty for the level 18134 approx in the near term.
Until the time we witness a closing of above 17800, we are still with our words to keep following the Cherry-picking strategy with the stop loss of 17300 , as of now.
Besides, the conservative players can go for fresh accumulation only after witnessing a beautiful and a strong closing of above 17800 .
Regards,
Alok Daiya
SEBI Registered Research Analyst
NIFTY-Will 17680-17660 Zone Resist again??
The NIFTY is failed to break the strong resistance level 17700, which are considered strong levels of supply zone..
However, the presence of a supply zone(17680-17660) and the upcoming expiry may limit the price movement,
and we can expect the price to remain within the range of 17700-17500.
if the same range again act as resistance go short for downside targets of 17580-17520 level.
NIFTY-Will Rise from this Support @17520-17580 range.The NIFTY has broken the previous strong resistance level 17800
If the same level 17800 failed to acts as a support level,
so the price fall back to the untested demand zones at 17580 and 17520 level, which are considered strong levels of support.
Observations:
Additionally, as we have a monthly expiry this week, it is likely that the price will remain within the same range(17960-17500).
Overall Trend is Bullish, observed a low is formed by breaking HL at 17730.
Note:
In summary, the previous resistance level(17800) has been broken and we can expect the price to rise to 17920-17960 ,if the range(17520-17580) acts as a support.
However, the presence of a supply zone(17800-17960) and the upcoming expiry may limit the price movement, and we can expect the price to remain within the range of 17500-17900 for this week.
GO long:
Price breaks 17660 and gives pullback to 17520-17580,go long for targets of 17700,17800,17960.(Keep on buy side.)
GO Short:
price broken 17520 and retests to 17580 level act as Resistance go short for downside target of 17450.
Keep an eye @ 17700 level where Buyers and sellers exchange.
Nifty at a critical support. 50 and 200 days EMA have been providing a critical support to Nifty all throughout the week. 50 and 200 days EMA stand at 17544 and 17530 respectively. This zone has provided support to the Nifty almost on all days of the week proving that it is the most critical support. If this support is broken Next support for Nifty will be only at 17406 and further down at 17204 levels. However if Nifty is assured of its support the chances are that it can rise from here. The resistances that it can meet on the way up are near 17805, 17869, 18092 and 18261 levels.
A major support zone got activated today. Market today saw tremendous selling in IT sector, Services and consumer goods. The market however saw a good recovery of about 132 points from bottom on the back of purchase in PSU, FMCG, Auto and some realty counters. Below the zone from where Nifty bounced today, that is 17574 which is near 50 hours EMA we will have supports near 17454 which is 200 hours EMA as well as mid channel support which is at the same level. The zone between 17529 and 17526 is again a major support as this zone has 50 and 200 days EMA. On the upper side we might face resistance near 17738 and 17782. The zone between 17847 and 17923 is a very strong resistance zone. We can have a range bound week or weeks unless there is some strong news or result which can either pull the index above 17923 or drag it below 17454 levels.