Here’s my analysis based on the provided chart:
Market Trend & Structure**
1. **Nifty 50 Price Action:**
- The index is in a **corrective phase**, as seen from the recent decline.
- The price is currently near the lower trendline of the **channel**, indicating potential **support**.
- A breakdown below this channel could lead to further downside moves.
2. **Fibonacci & Trend Channels:**
- The Fibonacci extension levels show a **retracement phase** within a long-term bullish trend.
- The price is approaching a **critical zone near the 2.382 level**, which could act as **support**. This is expected on 3rd - 6th March.
Indicators & Signals**
1. **Sell & Buy Signals:**
- Multiple **Sell signals** appeared at market peaks, followed by a decline.
- Some **Buy signals** are appearing, indicating a potential reversal zone.
2. **Delta Candles & Combined CALL & PUT Candles:**
- The **Delta Candles (Call - Put)** show declining values, indicating bearish sentiment.
- The **Combined CALL & PUT Candles (Subtract Method)** also show a decreasing trend.
3. **Reversal Probability (23.1%)**
- The probability of a trend reversal is relatively **low**, meaning the downtrend could still continue.
4. **Trend Meter & Volume Analysis:**
- The volume is increasing during the downtrend, which suggests **strong selling pressure**.
- The **Trend Meter** shows more **red** than green, indicating **bearish momentum**.
Key Takeaways:
- **Bullish Scenario (Reversal Expected)** between 3rd- 6th March.
- If the price holds near the **trendline support**, & also the anchored VWAP we might see a **bounce**.
- Confirmation would come from a **green trend meter** and increasing **buy signals**.
- Look for a move **above 22,627** for further upside.
- **Bearish Scenario (Further Decline)**
- If the price **breaks below the trendline**, the **downtrend will continue**.
- A break below **21,976 - 21,973** could trigger more selling.
Market Trend & Structure**
1. **Nifty 50 Price Action:**
- The index is in a **corrective phase**, as seen from the recent decline.
- The price is currently near the lower trendline of the **channel**, indicating potential **support**.
- A breakdown below this channel could lead to further downside moves.
2. **Fibonacci & Trend Channels:**
- The Fibonacci extension levels show a **retracement phase** within a long-term bullish trend.
- The price is approaching a **critical zone near the 2.382 level**, which could act as **support**. This is expected on 3rd - 6th March.
Indicators & Signals**
1. **Sell & Buy Signals:**
- Multiple **Sell signals** appeared at market peaks, followed by a decline.
- Some **Buy signals** are appearing, indicating a potential reversal zone.
2. **Delta Candles & Combined CALL & PUT Candles:**
- The **Delta Candles (Call - Put)** show declining values, indicating bearish sentiment.
- The **Combined CALL & PUT Candles (Subtract Method)** also show a decreasing trend.
3. **Reversal Probability (23.1%)**
- The probability of a trend reversal is relatively **low**, meaning the downtrend could still continue.
4. **Trend Meter & Volume Analysis:**
- The volume is increasing during the downtrend, which suggests **strong selling pressure**.
- The **Trend Meter** shows more **red** than green, indicating **bearish momentum**.
Key Takeaways:
- **Bullish Scenario (Reversal Expected)** between 3rd- 6th March.
- If the price holds near the **trendline support**, & also the anchored VWAP we might see a **bounce**.
- Confirmation would come from a **green trend meter** and increasing **buy signals**.
- Look for a move **above 22,627** for further upside.
- **Bearish Scenario (Further Decline)**
- If the price **breaks below the trendline**, the **downtrend will continue**.
- A break below **21,976 - 21,973** could trigger more selling.
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.
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.