Nifty 50 Weekly ChartLet's see where we are going to head from here, as all major Supports broken with heavy Volume.
Nifty50analysis
Learn how to trade Nifty 50 Indian Index, locate turning pointsI am going to explain the basics on what to look for to learn how to trade Nifty 50 Indian Index and locate turning points in the stock market.There are many technical analysis trading strategies you could use to learn how to trade Nifty 50 futures and stocks within the Nifty 50 Indian index. In this video we are going to explain what you should be looking for on a chart, the basic characteristics of candlesticks patterns that will help you locate turning points in the market.It's very important to trade these strong impulse in the context of a bigger picture trend and avoid trading counter trend scenarios. How can you buy Nifty 50 futures index or Nifty 50 related stocks in an uptrend? First of all you must look for impulses strong enough to create a series of wide candlestick bodies in the direction the of the long term trend. The chart attached shows a few impulses drawn on Nifty 50 futures weekly timeframe, that means that every candlestick represents a week if time.
By simply comparing the strength of those moves you will be able to locate potential turning points in the Nifty 50 futures index and related Nifty 50 Indian stocks. Trading impulses against the trend is not the best strategy since you will be going against the long term bias of the underlying asset or stock. How to buy Nifty 50 futures index? Well, locate these impulses and do a top down technical analysis before making a decision to buy or sell at these impulses. A single timeframe technical analysis is not enough to make a trading decision.
Buy the dip medium-term opportunity on NiftyAs the 1D Channel Up broke this week (RSI = 43.705, Highs/Lows = -130.6286, B/BP = -168.1442), we should be looking at the next support levels for a possible long entry. The 1st is located at 10,552.30 and the 2nd at 10,475.19 (cross 5H SMA200, 1D SMA50). Utilize both on a tight SL for TP = 10,840. If the 2nd support breaks, it will be a short opportunity and we will see 10,146.21.
