Hello traders,
This is the analysis of nifty in day time frame for coming weeks. As mentioned in all previous analysis we are just going bearish and bearish, either shorting on swing low break or sell on rise and this remains the same for coming weeks.
1. Nifty as shown in the chart has already formed a classic inverted flag pattern, which has targets near 16000 or below. Nifty if in any case reaches near 17220 will give good shorting opportunity with sl of 17260 for targets upto 16770 and then upto 16000.
2. We all know how what doji candle means in the chart, please notice the low of doji of 29 Nov 21 and closing price of doji of 21 dec 21. They both are nearly at 16770, as shown via blue horizontal ray. You can also see a black trend line which is also crossing it near 16700. Now whole 16700-16770 is a no trading zone. Watch out for the price action near it. If market comes inside that (16700-770) zone and bounces from there , then take long position only and only when it crosses 16830 for a target of 17370 with sl of 16760, and if Market goes below 16700 then short it for a target of 16000 , with sl of 16780.
Key point- Always identify what type of trader you are. Be a trader who finds a very good risk to reward ratio trades, because even if u fail 7 out of 10 times , then also you will be in profits. Just think about it.
Do follow and press like buttons if u like the analysis.
This is the analysis of nifty in day time frame for coming weeks. As mentioned in all previous analysis we are just going bearish and bearish, either shorting on swing low break or sell on rise and this remains the same for coming weeks.
1. Nifty as shown in the chart has already formed a classic inverted flag pattern, which has targets near 16000 or below. Nifty if in any case reaches near 17220 will give good shorting opportunity with sl of 17260 for targets upto 16770 and then upto 16000.
2. We all know how what doji candle means in the chart, please notice the low of doji of 29 Nov 21 and closing price of doji of 21 dec 21. They both are nearly at 16770, as shown via blue horizontal ray. You can also see a black trend line which is also crossing it near 16700. Now whole 16700-16770 is a no trading zone. Watch out for the price action near it. If market comes inside that (16700-770) zone and bounces from there , then take long position only and only when it crosses 16830 for a target of 17370 with sl of 16760, and if Market goes below 16700 then short it for a target of 16000 , with sl of 16780.
Key point- Always identify what type of trader you are. Be a trader who finds a very good risk to reward ratio trades, because even if u fail 7 out of 10 times , then also you will be in profits. Just think about it.
Do follow and press like buttons if u like the analysis.
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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.