📈 Hourly Chart Technical Analysis
🔸 RSI Cooling Off:
The RSI recently reversed from a scorching 88 on the hourly chart, signaling overbought conditions 🚨. This hints at a possible short-term pullback before the bulls decide their next move 🐂⏳.
🔸 🚧 Resistance Ahead:
📍 23,350 is the key level to watch – it’s a strong resistance zone that’s been tough to crack in the past. A breakout here could light up the index! 💥📊
🔸 🛡️ Support Zones:
📉 22,800 is holding firm as immediate support, backed by solid open interest data – a level the bulls will want to protect.
Nifty Trading Plan Could Miss the Mark – Risk Level: 99%
⚠️ Strategy for Monday – April 14
✅ Above 23,000:
🚀 Bullish bias – Eyes on a move up to 23,350. Consider buying only on strong breakout confirmation. Momentum is key! 🔍📈
🟡 Between 23,000 and 22,800:
🎯 Expect sideways action – a choppy range where scalpers might thrive. Trade light and keep those stop losses tight! 🪙⚖️
🔻 Below 22,800:
🐻 A bearish signal – this opens the door for a drop toward 22,555. Consider short positions only with strict risk control 🎯🛑
🔸 RSI Cooling Off:
The RSI recently reversed from a scorching 88 on the hourly chart, signaling overbought conditions 🚨. This hints at a possible short-term pullback before the bulls decide their next move 🐂⏳.
🔸 🚧 Resistance Ahead:
📍 23,350 is the key level to watch – it’s a strong resistance zone that’s been tough to crack in the past. A breakout here could light up the index! 💥📊
🔸 🛡️ Support Zones:
📉 22,800 is holding firm as immediate support, backed by solid open interest data – a level the bulls will want to protect.
Nifty Trading Plan Could Miss the Mark – Risk Level: 99%
⚠️ Strategy for Monday – April 14
✅ Above 23,000:
🚀 Bullish bias – Eyes on a move up to 23,350. Consider buying only on strong breakout confirmation. Momentum is key! 🔍📈
🟡 Between 23,000 and 22,800:
🎯 Expect sideways action – a choppy range where scalpers might thrive. Trade light and keep those stop losses tight! 🪙⚖️
🔻 Below 22,800:
🐻 A bearish signal – this opens the door for a drop toward 22,555. Consider short positions only with strict risk control 🎯🛑
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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.
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.