NIFTY : Trading levels and Plan for 05-Dec-2024Trading Plan for Nifty – 05-Dec-2024
Intro: Previous Day's Chart Pattern
Nifty on 04-Dec-2024 displayed mixed momentum, with a clear rejection from the upper resistance zone near ₹24,550 - 24,570. The Yellow trend highlighted a consolidation phase, the Green trend signaled bullish potential during upward retracements, and the Red trend indicated bearish pressure around resistance levels. Key levels such as ₹24,345 acted as support, while the intraday resistance remained prominent at ₹24,772.
Plan for Different Opening Scenarios:
1. Gap-Up Opening (Above ₹24,647 by 100+ points)
If Nifty opens significantly above ₹24,647:
Key Resistance Levels: ₹24,772 and ₹24,804 will be the major zones to watch for profit booking and potential reversals.
Action Plan: Allow the first 15–30 minutes for price discovery. Look for pullbacks near ₹24,647 for entry into long positions, with a stop loss below ₹24,612. Targets will be ₹24,772 and ₹24,804.
Failure to Sustain Above ₹24,647: If prices fail to hold above ₹24,647, avoid longs and observe price action near ₹24,612 for re-entry possibilities.
Risk Management: Tighten stop losses when approaching the resistance zone to secure profits. Avoid aggressive long positions unless the bullish trend sustains.
2. Flat Opening (Within ₹24,316 to ₹24,461)
If Nifty opens near its previous close:
Key Support and Resistance Levels: ₹24,345 serves as opening support, while ₹24,461 and ₹24,647 are the immediate resistance zones.
Action Plan: Wait for a clear breakout or breakdown.
Long positions can be initiated above ₹24,461, targeting ₹24,647 and ₹24,772, with a stop loss below ₹24,345.
Short positions should be considered if the index breaks below ₹24,345, targeting ₹24,316 and ₹24,220, with a stop loss above ₹24,461.
Risk Management: Trade cautiously within this range as the price may exhibit false breakouts. Use smaller position sizes during consolidation phases.
3. Gap-Down Opening (Below ₹24,345 by 100+ points)
If Nifty opens below ₹24,316:
Critical Support Levels: ₹24,220 will act as a critical support. Failure to sustain this level could lead to extended selling towards ₹24,100.
Action Plan:
Monitor the first 15–30 minutes. If prices rebound from ₹24,220, consider long positions for targets of ₹24,316 and ₹24,345, with a stop loss below ₹24,200.
If prices sustain below ₹24,220, initiate short positions for targets of ₹24,100 and ₹23,950, with a stop loss above ₹24,316.
Risk Management: Avoid catching falling prices; confirm reversals before entering trades. Keep positions light in volatile conditions.
Tips for Risk Management in Options Trading:
Time Decay Awareness: Avoid holding out-of-the-money options close to expiry as premium erosion accelerates.
Defined Risk Strategies: Use options spreads like bull call or bear put spreads to cap risk.
Avoid Overleveraging: Limit position sizes to avoid large losses during sudden market movements.
Monitor Volatility: Consider implied volatility before entering positions; high volatility may lead to expensive premiums.
Summary and Conclusion:
Nifty’s price action for 05-Dec-2024 revolves around key levels of ₹24,647 on the upside and ₹24,220 on the downside. Traders should focus on these zones for clear directional movements. Proper risk management and a disciplined approach are essential, especially during volatile market conditions. Always confirm the trend before initiating trades and avoid overexposure to options positions.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is purely for educational purposes and should not be treated as financial advice. Consult your financial advisor before making trading decisions.
Niftytrend
NIFTY Trade Setup for Wednesday (04-Dec-2024)NSE:NIFTY
Key Notes:
NIFTY FUTURES OI Data is Bullish Bias.
Previous day, Price closed at Demand (M15) zone.
Price is looking for Buy Stops at the premium zone.
There are cluster of Institutional bearish reference levels to hold the price.
If there is a gap up opening today, price must break the bearish reference level.
If price fails to break even with gap up, Price will like to take U turn from bearish levels.
#NIFTY Intraday Support and Resistance Levels - 04/12/2024Gap up opening expected in nifty near the 24550 level. 24450-24550 zone will act as a consolidation zone for today's session. Nifty will give strong upside rally if it's starts trading and sustain above the 24550 level. This rally can goes upto 24750+ level in today's session. Any major downside expected below the 24450 level.
Nifty Intraday Support & Resistance Levels for 04.12.2024On Tuesday, Nifty opened positive, touched a low of 24280, and rallied to a day high of 24481.35, entering the 75m supply zone. It closed at 24457.15, gaining 181 points from the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain sideways, indicating a neutral bias in the short term.
Demand/Support Zones
Near Demand/Support Zone (30m): 24300.05 - 24348.35
Near Demand/Support Zone (30m): 24140.00 - 24187.05
Far Demand/Support Zone (15m): 23661.75 - 23731.25
Far Demand/Support Zone (75m): 23447.15 - 23578.60
Far Support: 23189.88 (61.8% FIBO)
Far Demand/Support Zone (Daily): 22642.60 - 22910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 24447.65 - 24537.60 (tested)
Far Supply/Resistance Zone (Daily): 24567.65 - 24978.30 (inside weekly supply)
Far Supply/Resistance Zone (75m): 24636.75 - 24741.45 (inside Daily supply)
Far Supply/Resistance Zone (Weekly): 24567.65 - 25234.05
On December 12, 2024 the Nifty view is BullishUnlike price-level forecasts, time-based analysis allows us to anticipate market trends well in advance. Based on my analysis, I have a bullish outlook on the Nifty for December 12, 2024. Regardless of where the Nifty's price lands, the intraday trend on that date is expected to be bullish.
Please note that this is purely my perspective and not a recommendation to buy or sell. Use this information for educational purposes only, and always trade with a stop-loss in place.
NIFTY : Trading levels and Plan for 04-Dec-2024Before I begin, I kindly ask you to hit boost or like if you enjoy my analysis. Your support keeps me motivated to dedicate my time to creating these charts for you, completely free!
Nifty Trading Plan for 04-Dec-2024 📈
On the previous trading day, Nifty witnessed a significant rally towards the completion zone of Wave C, form the the Opening important range for buyer's and Sellers (mentioned in yesterday's Plan. For upcoming trading session, the structure also highlighted a Change of Character (ChoCH) near ₹24,483, which now acts as an opening support/resistance level. Key levels such as ₹24,355 (opening resistance) and ₹24,189 (last intraday/swing support) indicate pivotal areas for monitoring price action. Yellow indicates a sideways trend, green represents bullish momentum, and red marks bearish trends.
Here’s a structured trading plan for all opening scenarios:
Gap Up Opening (+100 points or more above ₹24,445)
Profit Booking Zone (₹24,650-₹24,692): A gap-up opening near or within this zone could face sideways consolidation or immediate rejection, as it aligns with the first target of Wave C completion.
Action Plan:
Entry: Short near ₹24,692 after observing bearish reversal patterns like shooting stars or bearish engulfing.
Target: ₹24,483 (opening support/resistance zone) and ₹24,413.
Stop Loss: Above ₹24,730 to avoid false breakout risks.
Breakout Potential Above ₹24,692: Sustained buying above ₹24,692 with strong momentum could trigger bullish continuation.
Action Plan:
Entry: Long above ₹24,692 after a 15-minute candle closes above this level.
Target: ₹24,800-₹24,850.
Stop Loss: Below ₹24,600 to safeguard against pullbacks.
Flat Opening (Near ₹24,445)
Opening Support/Resistance Zone (₹24,413-₹24,483): Flat openings indicate indecision. If Nifty sustains above ₹24,483, it may show bullish strength; otherwise, a fall back to ₹24,413 is likely.
Action Plan for Bullish Scenario:
Entry: Long above ₹24,483 with strong buying pressure.
Target: ₹24,650-₹24,692.
Stop Loss: Below ₹24,413 for risk management.
Action Plan for Bearish Scenario:
Entry: Short below ₹24,413 after confirming selling pressure.
Target: ₹24,355 and ₹24,300.
Stop Loss: Above ₹24,483 to limit losses.
Retracement Monitoring at ₹24,355: If the price consolidates near ₹24,355, observe breakout patterns for direction.
Gap Down Opening (-100 points or more below ₹24,445)
Testing Swing Support (₹24,189): A gap-down opening below ₹24,300 will test the last intraday/swing support around ₹24,189. Failure to hold this level may result in further downside momentum.
Action Plan:
Entry: Short below ₹24,189 after confirming a bearish breakdown.
Target: ₹24,100 and ₹24,050 (extended downside levels).
Stop Loss: Above ₹24,250 to reduce risk.
Reversal Potential at ₹24,189: Watch for bullish reversal signals such as hammer candles or bullish engulfing near ₹24,189.
Action Plan:
Entry: Long near ₹24,189 with a confirmed reversal signal.
Target: ₹24,300 and ₹24,355.
Stop Loss: Below ₹24,150 to manage risk.
Risk Management Tips for Options Trading
Trade with limited risk strategies like vertical spreads or butterfly spreads to minimize premium losses.
Monitor implied volatility and avoid buying options in high IV environments to prevent premium erosion.
Always hedge directional trades, especially near pivotal resistance or support zones.
Avoid over-trading; focus on quality setups rather than quantity.
Keep risk per trade within 1-2% of your capital to preserve equity.
Summary and Conclusion
Nifty is approaching critical zones, with ₹24,650-₹24,692 as the profit booking/supply area and ₹24,189 acting as the last swing support. Adherence to key levels and disciplined execution will be critical for navigating intraday moves. Let price action confirm the direction before entering trades.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is for educational purposes only. Kindly perform your research or consult a financial advisor before making trading decisions.
Perfect Trendline and Mother-Father line Breakout by Nifty.Perfect Trendline and Mother-Father line Breakout by Nifty on daily chart. Now all that we need for a perfect Bullish reversal is a closing above 24540. Once we get the closing above 24540 the next resistance levels will be 24840 before we reach 25K+ levels or even 26K+ levels within few weeks time. Final frontier for Bulls as of now seems to be 24540. In case the level is not breached the support levels will be at 24367 and 23587 as of now that is the mother and father lines. This chart serves a perfect example of how parallel channel and Mother father and small child theory works. All we need is a confirmation candle above Mother line now and Bulls to breach tough resistance zone of 24540. Let us see. Very interesting week ahead. Closing this week will be very important. We need a closing above mother line in general and above 24540 in particular.
To know more about stop losses, trailing stop losses, Profit booking and investment, financial awareness in general, process of investment in Equity or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Many People who have read it consider it as hand book and perfect guide to equity investment. You can read reviews of the book or purchase the same from Amazon. The book is available on Amazon in Kindle and paperback version. I am sure you are going to find it of massive use. Once you have read the book, I assure you that you will become a next level investor.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
#NIFTY Intraday Support and Resistance Levels - 03/12/2024Flat or slightly gap up opening expected in nifty. After opening important level for nifty is 24350. If nifty gives breakout of this level then possible strong upside rally upto 24550 in today's session. Downside 24050 will act as an strong and important support for nifty. Any major downside only expected below this support level.
NIFTY Trade Setup for Tuesday (03-Dec-2024)NSE:NIFTY
Post Market Analysis by Srinivas Vemula
NIFTY Weekly Outlook
Economic Events :
USA Jobless Claims Data ( November 30)
India RBI Policy Repo Rate (06-Dec-2024)
Institutional Bias - Bearish ( NIFTY FUTURES)
Institutional Framework - Price Reversal
Institutional Reference Data Points - Premium Arrays
Institutional Price Delivery - ERL(BSL) to IRL( SSL)
ERL - External Range Liquidity
IRL - Internal Range Liquidity
BSL - Buy Side Liquidity
SSL - Sell Side Liquidity
Premium Arrays
Bearish Order block (H4)
Buy Side Liquidity (W1/H4)
Bearish FVG (H4)
Discount Arrays:
Bullish Breaker (H4)
Bullish Mitigation (M15)
2 hurdles of Mother, Father line cleared, what next?Two major hurdles of Mother and Father line are cleared by Nifty. Now the major hurdle remaining is the trendline resistance at 24277. If we get a closing above this resistance Nifty can go to 24345. If and when we get a closing above 24345 Nifty will then be ready to fly and next stop can be near 24510 or even 24665. More Bullish levels await after we get a closing above 24665. These levels can be 24890, 25048 and 25277. If the trendline support at 24277 is not crossed for some reason the supports for Nifty to fall back on will be at the zone between 24097 and 24070. (24070 being the mother line of hourly chart and strong support). If 24070 is broken then the next supports will be at 23898, 23756, 23588 and finally 23292. Its looking bullish but two hurdles crossed two more (24277 and 24345) to go.
NIFTY : Levels and Plan for 03-Dec-2024Trading Plan for Nifty - 03-Dec-2024
Previous Day’s Chart Pattern Analysis:
On 02-Dec-2024, Nifty witnessed significant volatility after finding support from the mentioned support level and could manage to close near high. The index seeing resistance at 24,413, indicating profit booking near this level, while support was observed at 24,204, suggesting buyer accumulation. The yellow trend in the chart reflects sideways consolidation, green lines represent bullish moves, and red lines indicate bearish patterns. For today, the key zones from the chart will play a crucial role in determining market sentiment.
Opening Scenarios for 03-Dec-2024:
Scenario 1: Gap Up Opening (100+ Points Above 24,275)
If Nifty opens with a significant gap up above 24,375, monitor whether it sustains above the 24,413 Resistance/Support for Sideways.
- Action Plan:
- If the price stays above 24,413, look for bullish momentum towards the 24,483 Last Resistance for Intraday. Enter long positions with a target of 24,483, maintaining a stop-loss at 24,326.
- If Nifty fails to sustain above 24,413, a pullback towards 24,326 Opening Resistance/Support Zone is possible. Observe price action here before taking new trades.
- Risk Management Tip: Avoid chasing the market if the gap up is too steep, as it might lead to profit booking. Opt for spreads or hedge your positions with options.
Scenario 2: Flat Opening (Near 24,275)
In case of a flat opening around 24,275, focus on the Opening Resistance/Support Zone at 24,326.
- Action Plan:
- If Nifty breaks above 24,326 with strong volume, initiate long trades targeting 24,413, and then 24,483. Keep a stop-loss at 24,204 Opening Support.
- Conversely, if the price struggles to break 24,326 and slides below 24,275, a test of 24,204 is likely. In such a case, short positions can be considered with a target of 24,087, keeping a stop-loss at 24,326.
- Risk Management Tip: Allow the first 15-30 minutes for market stability to avoid false breakouts. Use options to trade breakouts conservatively.
Scenario 3: Gap Down Opening (100+ Points Below 24,275)
A gap-down opening below 24,175 would bring 24,087 Support Zone into focus.
- Action Plan:
- If the index holds above 24,087, expect a bounce towards 24,204 Opening Support. This could be an ideal point to go long with a stop-loss at 23,964.
- If Nifty breaches 24,087, further downside towards 23,964 is probable. In this case, short positions can be initiated with targets of 23,964, maintaining a stop-loss at 24,204.
- Risk Management Tip: In a bearish scenario, avoid aggressive trades and use protective puts to limit downside risk.
Risk Management Tips for Options Trading:/b]
Position size should be limited to 2% of your capital per trade.
Use options strategies like Iron Condors or Bull Put Spreads to manage risk in volatile conditions.
Always hedge directional trades with protective options to avoid heavy losses during sudden reversals.
Summary and Conclusion:
Today's trade revolves around key levels at 24,413, 24,326, and 24,204.
Bullish scenario: Sustained trades above 24,413 could lead to higher targets of 24,483.
Bearish scenario: A breakdown below 24,087 may open the door for further weakness towards 23,964.
Sideways scenario: Consolidation is likely between 24,204 and 24,326, requiring patience for a breakout.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is for educational purposes only. Traders are advised to conduct their research or consult a financial advisor before making trading decisions.
The Nifty spot intraday forecast for December 03, 2024Nifty intraday trend for December 03, 2024 is bullish. Intraday Turning points are approximate. The price is not part of the forecast since calculations relate Time. Intraday levels may vary based on the price gaps on the either side.
Technical confirmation for entries and exits is a must and do not trade with stop-loss.
The information provided is only for the educational purposes.
#NIFTY Intraday Support and Resistance Levels - 02/12/2024Gap up opening expected in nifty near 24300 level. After opening it will face an immediate resistance at this level. After opening if nifty starts trading above 24350 level then possible strong bullish rally towards the 24550 level. Downside 24050 level will act as strong support for today's session. Any major downside rally only expected below this support level.
The Nifty spot intraday forecast for December 02, 2024Market Outlook for Nifty Spot on December 02, 2024
Morning Movement:
Likely to see an upward move in the morning hours.
A potential drop of around 300 points is anticipated later.
Key Levels to Watch:
Resistance:
Strong resistance at 24,330.
If this level is broken, Nifty spot could rise to 24,385, provided there is no gap opening on either side.
Support:
On the downside, support levels are at 23,947 and 23,831.
Overall Sentiment:
The Nifty is expected to close on a bearish note.
Disclaimer:
These views are for educational purposes only.
Please use your own technical analysis for entry and exit decisions.
Always trade with a stop-loss to manage risks effectively.
NIFTY : Levels and Plan for 02-Dec-2024Nifty 50 Trading Plan for 02-Dec-2024
On 01-Dec-2024, Nifty traded in a well-defined structure, oscillating between the Golden Retracement Zones for buyers and sellers. The market displayed a Change of Character (CHoCH), with price initially retesting the buyer's support zone near 23,786 before reversing toward the seller's resistance zone at 24,413. Key levels such as 24,250 and 24,112 acted as dynamic Opening Support/Resistance levels. The chart also highlighted a Yellow Zone for sideways movements, Green Zones for bullish trends, and Red Zones for bearish scenarios.
Detailed Trading Plan for 02-Dec-2024
Gap-Up Opening (Above 24,250, up to 100+ points)
If Nifty opens with a gap-up beyond 24,250, it will enter the Opening Resistance Zone. In this scenario:
Watch for rejection near 24,413 or higher. If rejection is confirmed, initiate short positions targeting 24,250 as the first support and 24,112 for extended profits.
For sustained bullishness, monitor an hourly candle close above 24,413. If this occurs, consider long positions with a target at the Profit Booking Zone around 24,483.
Avoid chasing trades immediately after the gap-up. Allow prices to stabilize for 15–30 minutes to validate the trend.
Flat Opening (Near 24,112 to 24,130 range)
In case of a flat opening, the Opening Support/Resistance at 24,112 will be critical:
If prices sustain above 24,112 with strong buying, consider initiating long positions, targeting 24,250 and 24,413.
If Nifty fails to hold 24,112, expect a test of 24,030 (Buyer's Opening Support) and potentially 23,940 (Last Support for Intraday).
Use tight stop losses when trading near the flat opening zone due to potential whipsaws.
Gap-Down Opening (Below 24,030, down to 100+ points)
A gap-down opening near or below 24,030 would signal bearish sentiment:
Observe buyer activity near 23,940. If support holds, initiate longs with targets of 24,030 and 24,112.
If 23,940 is breached, expect further downside toward 23,832 or even 23,786, the Buyer's Support for sideways action.
Manage risk effectively by waiting for hourly candle confirmation in case of volatile downward moves.
Risk Management Tips for Options Traders
Trade options with a defined stop loss and avoid overleveraging.
Use spreads (e.g., Bull Call Spread or Bear Put Spread) to reduce premium outflows and limit risk.
Monitor implied volatility (IV) levels, as sudden changes can impact option premiums significantly.
Summary and Conclusion
Nifty's key levels for 02-Dec-2024 include 24,413 (Profit Booking Zone), 24,250/24,112 (Critical Opening Support/Resistance), and 23,940/23,786 (Key Buyer Support Zones).
Focus on hourly candle confirmations for validating breakouts or breakdowns.
Stay cautious during initial market volatility and align trades with the prevailing trend as highlighted by the Yellow (sideways), Green (bullish), and Red (bearish) zones.
Disclaimer
I am not a SEBI-registered analyst. This analysis is for educational purposes only. Please consult your financial advisor before making trading decisions.
VIEW ON NIFTY AND BANKNIFTYNifty and Bank nifty view for coming weeks.
Dollar Index, Gold, US market and 10 year US Gsec
Disclaimer -
The information provided herein is for educational purposes only. It does not constitute financial, investment, or trading advice and should not be construed as such. Consult a qualified financial advisor before making any financial decisions.
We are not liable for any monetary loss, that may arise directly or indirectly from the use of or reliance on the information provided.
#Nifty50 Volatile week ahead, outlook for 2-6th Dec 2024The Nifty 50 index concluded the week on a strong note, closing at 24,131, up 225 points from the previous week. The index oscillated between a high of 24,354 and a low of 23,873, staying within the predicted range of 24,500 to 23,300.
For the upcoming week, I anticipate the index to remain confined to a range of 24,750 to 23,600 . A breach of these levels could trigger significant market volatility.
A closer look at the weekly chart reveals a potential W-pattern formation. To complete this pattern, a pullback towards the 23,500-23,600 support zone is necessary. Whether this pullback materializes next week will be crucial to watch.
S&P 500 Breaks Resistance, Sets Stage for Further Gains
The S&P 500 index finally managed to breach the strong Fibonacci resistance level of 6,013. If it can sustain above the 6,000 mark, a move towards the 6,142 level, representing a 1.5% upside, is likely. Such a move could provide a positive impetus to global markets. However, a failed breakout could lead to a 2% correction, potentially testing the 5,914-5,900 support zone. Investors should be prepared for both scenarios.
The Nifty Spot direction for the month of December 2024If you listen, you might forget. If you see, you will remember. Presenting the Nifty Spot Daily/End-of-Day Trend Forecast for December 2024. Pay close attention to the calculated turning dates and their directions, as these insights can guide traders in making informed decisions. Please note that price levels may vary, as the primary focus is on timing and trend direction.
In summary, December 2024 appears to be a bearish month for the Nifty. My Timing Analysis provides valuable insights to help traders closely assess market direction.
If you are a trader, do not trade without Stop-Loss.
Long Term Nifty Outlook with Macro and Micro Economic commentaryNifty after making a new high is in volatile consolidation and correction mode. FIIs are selling big on every rally and DIIs and Retail are seeing this opportunity to consolidate their position in Indian market. Amidst all the volatility Nifty managed to close the month at 24131.
Every investor is seeking answer to one question which when will FII return to Indian market. There are too answers to this. Simple answer is they will return eventually sooner rather than later.
A more based answer is that when opportunity to earn more return elsewhere will diminish and there will be sort of global stability. Right now Ukraine and Russia conflict has opened another chapter of uncertainties. Stimulus package from China to stabilize its economy is also in an ongoing phase. Iran and Israel conflict is also contributed to environment of global uncertainties. On the other hand Maharashtra Election result has tried or is trying its best to comfort DII and retail investors.
Bond yield in US and surge in crypto post US election and China stimulus has provided a temporary oppenturnity for FIIs to make big money elsewhere. These are the Macro and Micro economic changes which led to FIIs searching better greener pastures elsewhere. Thus when the dust settles a bit and Indian companies again start giving attractive Q on Q results, FIIs will come back.
Results this quarter from India Inc in a traditionally weaker Quarter were a little below par. GDP growth was seen at 5.4% which is again slightly below par which can send Nifty into further consolidation mode. So there will be recovery from here but pointing out the timeline is a tough call even for seasoned economists.
Now coming to the Technical chart, Support and resistance levels. We can not say for sure if the bottom has already been made when earlier this month which was 23263 was the exact bottom or not but it will be an important level going below which we can see free fall in Nifty. So that will be a level to watch. On Daily candlestick chart there is currently a Cup shaped recovery in progress. There are clear trend lines suggesting that top of the channel is somewhere between 28K or 30K in the long run. Base support of the trend line includes 23263 hence that level is of prime importance. Mother line major resistance going forward will be 24367. Father Line major support will be at 23572.
Supports for Nifty remain at: 23890, 23263 to 23230 zone, 22783, 22369, 21845 and 21310.
Resistances for Nifty Remain at: Zone between 24367 to 24570, 25214, 25653 and 26277.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Reverse H&S formation in 15 minute chart of Nifty on cards.Usually we do not look at chart with less than 1 hour candles but an interesting pattern is forming which can yield us a fresh bullish move in Nifty so I am presenting it today. If Nifty manages to stay above 24109 and can close above 24189 we can have a fresh bullish rally in Nifty which can see it pivot very fast as high as 24538. with resistances at 24270, 24348, 24423 and finally 24538.
The important levels will be the support at 24109 and resistance at 24189. Other than 24109 (which is the mother lie for 15 minute chart) important supports will be at 24124, 24063, 24024 (which is father line of 15 minute chart). Below 24024 Nifty will become weak again and Bears can then drag it to 23962 or even 23874 again.
Again the important levels to watch for the next week on resistance side will be 24189 and on support side will be 24109 and 24024 (Mother and Father lines on 15 minute chart). This is what we can read from ultra short term chart of Nifty on 15 minute candle. To know more about the Mother, Father and Small child theory, trend lines, supports and resistances read my book The Happy Candles Way to Wealth creation. In this book you will get to learn about Techno-Funda investment. Many reviewer who have read the book consider it as a hand book of investment. You can check the reviews on Amazon and google Play book. The book is available on amazon in Paperback and kindle version. E-version of the book also available on Google Play books too.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.