NIFTY VIEW FOR 05-08-2024
Such a fantastic Gapdown and the down move. nifty ranged between previous potential support zones whole day. We have seen the selling pressure & volatility in the last 45 min.
Finally Nifty formed an important zone to look for Monday. That zone acts as DO or DIE for nifty.
If that zone broken, there is no support upto 24500. (nearly 200 points)
Also I have observed 20EMA & 200EMA crossover is about to happen in 15min timeframe. if that happens we will see nifty at 24500 for sure.
There are multiple resistance zones on the chart with only 2 far away support zones.
Rangebound Zone : 24701-24687
Support Zones : 24505-24522 , 24410-24425
Resistance Zones : 24775-24759, 24819-24798, 2488-24890, 24970-24980
Anything I am sharing here is for Educational Purpose only. Not a Trade Recommendation.
"ACCEPTING STOPLOSS IS THE SMARTNESS"
Happy Trading, Thank you.
Finally Nifty formed an important zone to look for Monday. That zone acts as DO or DIE for nifty.
If that zone broken, there is no support upto 24500. (nearly 200 points)
Also I have observed 20EMA & 200EMA crossover is about to happen in 15min timeframe. if that happens we will see nifty at 24500 for sure.
There are multiple resistance zones on the chart with only 2 far away support zones.
Rangebound Zone : 24701-24687
Support Zones : 24505-24522 , 24410-24425
Resistance Zones : 24775-24759, 24819-24798, 2488-24890, 24970-24980
Anything I am sharing here is for Educational Purpose only. Not a Trade Recommendation.
"ACCEPTING STOPLOSS IS THE SMARTNESS"
Happy Trading, Thank you.
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.