NIFTY 50 is currently at a key level, presenting an opportunity for intraday traders. Based on price action analysis, we anticipate a short-term move to 23,300 before a potential further drop.
Trade Analysis:
📌 Reasons for the Trade:
1️⃣ V-shaped recovery observed on a smaller time frame, indicating a potential short-term upward move.
2️⃣ Head and Shoulders pattern breakdown on the higher time frame, suggesting a retest of resistance before continuing downward.
3️⃣ Fibonacci Levels show that price is at a crucial support zone, aligning with the broader market structure.
Trade Plan:
🔹 Entry: Near the resistance retest zone.
🔹 Target: 23,300 (short-term), with a possibility of further downside.
🔹 Stop-Loss: Above the resistance zone to manage risk effectively.
Traders should watch for confirmation before entering the trade. Stay updated with market sentiment and global factors for better risk management. 🚀📉
Trade Analysis:
📌 Reasons for the Trade:
1️⃣ V-shaped recovery observed on a smaller time frame, indicating a potential short-term upward move.
2️⃣ Head and Shoulders pattern breakdown on the higher time frame, suggesting a retest of resistance before continuing downward.
3️⃣ Fibonacci Levels show that price is at a crucial support zone, aligning with the broader market structure.
Trade Plan:
🔹 Entry: Near the resistance retest zone.
🔹 Target: 23,300 (short-term), with a possibility of further downside.
🔹 Stop-Loss: Above the resistance zone to manage risk effectively.
Traders should watch for confirmation before entering the trade. Stay updated with market sentiment and global factors for better risk management. 🚀📉
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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.