#Nifty - 10.8K region can act as next level of resistance
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Nifty has continued it's bullish momentum and broken out of the 10,550 region (0.618 fib) level. It has formed a sort of Doji Candle on the daily which is a bearish candle (but not to say that we cannot see continued upside momentum).
If it continues to move higher, then the next level of resistance would be 10,820 - 10,750 zone (red area of upcoming resistance on the right side chart) which is the gap created when the crash occurred.
10,630 (red box on the left side chart) is the immediate level of resistance and a if Nifty holds above then that could lead to more upside momentum.
If Nifty starts to fall then it should find some support near the 10,550 region (previous swap zone) followed by the gap zone which it has created (green gap zone on left side chart)
If further downside happens then 10,400 should act as good support (since it has acted as strong resistance earlier) and below that zone, we can see a huge downside in Nifty (but be aware of fake-out candles).
Also, there is a possibility that Nifty may choose to be sideways for sometime before the next big move happens.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
NIFTY - 70 ( bullish / neutral zone)
“Never, ever argue with your trading system” - Michael Covel
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
Nifty has continued it's bullish momentum and broken out of the 10,550 region (0.618 fib) level. It has formed a sort of Doji Candle on the daily which is a bearish candle (but not to say that we cannot see continued upside momentum).
If it continues to move higher, then the next level of resistance would be 10,820 - 10,750 zone (red area of upcoming resistance on the right side chart) which is the gap created when the crash occurred.
10,630 (red box on the left side chart) is the immediate level of resistance and a if Nifty holds above then that could lead to more upside momentum.
If Nifty starts to fall then it should find some support near the 10,550 region (previous swap zone) followed by the gap zone which it has created (green gap zone on left side chart)
If further downside happens then 10,400 should act as good support (since it has acted as strong resistance earlier) and below that zone, we can see a huge downside in Nifty (but be aware of fake-out candles).
Also, there is a possibility that Nifty may choose to be sideways for sometime before the next big move happens.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
NIFTY - 70 ( bullish / neutral zone)
“Never, ever argue with your trading system” - Michael Covel
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.