12/05/2023 NIFTY SUPPORT AND RESISTANCE ZONEAfter 2 weeks nifty now trade under the range zone . right time to enter for short
Niftyview
NIFTY--Breakdown happens ??Observations::
---------->>Price opened gap up and observed a strong fall + consolidation.
---------->> Previous supply zone (gap down) range @18260 level resist the price to go down .
If tomorrow price breaks this level, we will observe a strong fall towards 18200,18120 levels.
if price again breaks 18180 levels, 18120 level acts as a pullback to 18180 level, at this level previously strong sell off is observed, here
(18200-18120) if again strong push to the down side happens price falls below 18060,up to 17960 levels.
---------->> we have an untested demand zone @17960 will push the price upwards again.
---------->> Be careful at (18200-18120) and 17960 levels.
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Review and trading plan for 12th MayNifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Nifty levels for 12 MayToday market was in a consolidation face.
There is no exact direction of market, on the above side 18400 is major resistance and below 18200 is support.
Nifty 50 Index Next MovePair : Nifty 50 Index
Description :
Bearish Channel as an Corrective Pattern in Long Time Frame with the Breakout of the Upper Trend Line and Retracement
Divergence - RSI
Break of Structure
Completed " 12345 " Impulsive Wave and " ABC " Corrective Wave
SMC - CHOCH
Fibonacci Level - 78.60%
NIFTY--Fall Below 18260 levels (Expiry)??Observations::
---->> After gap up NIFTY clearly showing bearish pressure towards 18200 levels, if again price goes below 18260 levels, we will go for selling up to 18200,18120,18060 levels.
------->> If any one of these levels acts support price will again goes upside.
-------->> Wait for more confirmation at 18200-18180 range to break and pullback to 18260 or 18220 levels.
-------->> Above we have a resistance @ 18380-18400 range.
It looks a New Trendline.All the best.
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Nifty support level for 10 MayNifty yesterday sentiment is downward, Nifty may test the level of 18150 tomorrow.
As Dow Jones future showing negative right now, let's see what will happen in today's session in Dow Jones.
Overall sentiment of nifty is positive, so we try to buy on dips.
Nifty Facing Resistance Zones.Nifty had a fantastic rally which might hit couple of hurdles in the form of upcoming resistance zones.
Resistance Zone R1 which is between 18283 and 18427. If this major hurdle is crossed there is another Resistance Zone R2 to be crossed which is between 18608 and 18715.
Support for Nifty will be at 18130, 18049, 17966, 17848 and finally 17794.
Nifty Analysis - March 9Nifty has formed double top.
We need to wait for the breakout.
Once it crosses 17650, breakdown is confirmed, Target will be 17300.
Note: This is for educational purpose.
NIFTY may touch 15000 before reaching 22500!Yes! You read that right.
So there's a technical reason why NSE:NIFTY is choppy and sideways this past year and a half. In the monthly timeframe, it seems like we're in a Wave 4 Correction that started in Oct'21 when NSE:NIFTY first touched 18000 and is still ongoing. Now if we zoom in on the weekly timeframe, we see something else: An Expanded Flat triangle pattern that's a common occurrence within a major corrective wave as per Wave theory. The fake breakout of the Oct'21 monthly candle in Nov'22 only confirms this phenomenon and is termed an 'Overthrow' in Wave lingo. Now for the expanded flat pattern to be complete in the weekly timeframe, and along with it, the completion of Wave 4 monthly, we need an 'Underthrow'. Meaning, the price should break down the previous major swing monthly (June'22) which is at 15182, and reverse from there for a major Wave 5 impulse!
We also notice lately that 18100 is turning out to be strong resistance. This is the Golden Level (0.618) in Weekly. Despite touching 18255 this last expiry (4th May '23), NIFTY reversed strongly and closed below 18100 in weekly.
Finally, there's seems to a head and shoulder-like pattern starting to form in Weekly. Even though its too early to confirm with the final leg of the right shoulder yet to form, I reckon with the Wave theory supporting, this should form and if that happens, the technical target as per H&S rules comes out to be around 14850.
Maybe this happens, maybe it doesn't! Who really knows? The market can enter into a complex corrective phase and hover more around the 17500-18200 box before breaking out without trending down. This is also a possibility.
But ask yourself this question, the Indian story is really promising. The global economy looks up to India as a shining star. Our economy, banking system is doing really well. Fundamentals look strong. Then why is the market still hovering between 17500-18100 since Oct'21? What's really stopping bulls from charging further and breaking 18900?
The price action in the next few days from hereon is extremely crucial. If any one candle closes above 18200 in a monthly or even weekly timeframe, then we might see this bullish trend continue further. But if the market stays below 18100 these next few days or weeks, then we might see a minor correction, first, till 17380 . And if this level is breached in weekly, then a major correction till 14800-15000 is imminent as per Wave and technical analysis .
NIFTY--Retracement is to Enter Long Again Not for Sell ??Observations:
-------->>Nifty trending upwards (after a huge gap down means not to sell, its a retracement)
---------->>After a strong bullish movement, after breakout from 17800 levels,
----------->>Nifty gives larger retracement towards 18050 levels, this retracement is to enter again long with the momentum upside towards 18300,18500 levels.
--------->> consider this an opportunity to enter long from these zones, not to enter for short.
--------->>Nifty showing pressure on bearish side, but wait and enter for long here, leaving a demand zone @18000-17960 levels. Be on long side with the movement.
NOTE:
NIFTY- Bullish from this zone 18000-17960 ??
Nifty and US Markets have Negative Divergence. Since SGX Nifty runs through US Futures, and Nifty opens, stands after the story ends for SGX futures price. Yet, there have been disturbing divergences in Indian and US markets due to FED RATE HIKE. It's the season of Results and a developing nation's economy hardly upsets the stakeholders, given that Indian markets rallied a while, took some consolidation, ran again now they have gotten awaited a hall of stoppage. US markets might recover from the bottom they have formed they mostly do, but Nifty Index has lasted a rally too good to be true. Everyone is bullish that is why DIIs are selling, even though FIIs are buying daily. But a day like today says little more to come.
NIFTY--Gap down occurs @18260 level??Observations:
NIFTY Previously showing Strong bearish pressure at this level.
NIFTY-- Price leaving a demand zone 18180 if this level acts as support, price reach again 18260 level.
--------->> If failed to act as demand zone the same zone is acts as Supply again and price falls back to below 18180.
--------->> Go short below for targets of 18060,17950 levels.
NIFTY--Drop-Base-Drop Form??Nifty Observations:
-------->> After opening gap down ,showing bullish pressure but not able to fill the gap on upside.
-------->> Consolidation is observed .
-------->> Go short if price breaks 18070 level, for targets of 18020,17980,17960.
-------->> Expiry may limit the price movement in the range 18100-17960 levels.
NIFTY--Retracement or Reversal ??Observations:
--------->> After a strong breakout in nifty @17800 level, no proper retracement is observed.
--------->> If 18200 acts as resistance we will observe a retracement towards 17800 or 17500 levels.
--------->> If price break 18200,we have an immediate resistance @18250-18300, a false breakout may happen here @18200.
---------->>Price wants to test the previous supply @ 17800 level which may act as demand zone to move the price towards upside for the targets of 18200,18500 levels in the upcoming weeks.
--------->>This week price is ranging between 17950-18200 levels.
Note::
Consider it as a Retracement not a reversal in NIFTY.
Nifty is towards SkyAnalysis-1
As market breaking all the previous Zones due to market was stuck from the long time. Zone-2 will be seen as resistance. If Zone-2 breaks, market will see Sky (all time high)
Analysis-2
As market is in bullish direction, but retracement my be seen. Zone-1 will be act as support
{ DIXON } : {ONE LAST BUY FOR THE TREND!!! 1:5}
Price has confirmed an Uptrnd by violating a Potential Supply formed in 4H chart, then formed this Fresh Demand Zone.
Which defines the Reward to Risk Ratio of 5:1, till Price reaches the Fresh Quarterly Supply, Price shoould STRONGLY DECLINE after the Target of BUY Trade is achieved.
CHEERRRRRSSSSS!!!!! ENJOY THE RIDE !!!
NIFTY --Strong Support @17840 -17800 ?? or Reversal @17500Note:
Strong Support @17840 -17800 will acts as support go long again from this levels to reach 18100,18200 levels.
It is recommended to remain on the buy side within the range of 17800-17840, as no significant retracement has been observed after breaking the supply zone at 17840 level.
If this level acts as support, weekly expiry is expected to be bullish to consolidation at (18100-18200).
Observations:
After trending upwards in NIFTY yesterday, today the price continuously moving upwards,
They are now poised to reach untested supply zones at 17920-18100 levels.
However,, and if any of the previous supply zones act as support, the price could move back upwards.
Review and Trading plan for 27th April 2023Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Nifty 50 index: is this breakout sustainable?Greetings Fellow Traders,
As we can see in this chart that Nifty was trading inside the Chanel down from past few days and since yesterday price broke that Chanel down and bounced on it few times...but will this be a sustainable breakout for further upside move?
Well in my opinion that will be dependent on 17,950
As a resistance it's more prominent than that Chanel down...and for any sustainable upside move price needs to break that area... otherwise downside areas are mentioned in Chart...
Good Luck 🍀
NIFTY- Will reach 18000 by monthly expiry???Observations:
After trending upwards in NIFTY yesterday, today witnessed sellers opposes the price moving upwards,
They are now poised to reach untested supply zones at 17700-17680 levels.
However, buyers may lack the necessary power to push the price higher, and if any of the previous supply zones act as support, the price could move back upwards.
It is recommended to remain on the buy side within the range of 17700-17680, as no significant retracement has been observed after breaking the supply zone at 17680 level.
If this level acts as support, monthly expiry is expected to be bullish.
NIFTY-Fall again from LH @17760 (Demand acts as Supply) ???The NIFTY index has once again risen, but it has formed a lower high at 17760,
which is the same level as a previous demand zone. Interestingly, this same demand zone now appears to be acting as a supply zone,
as evidenced by the fact that prices have fallen back to the 17560.
If the price manages to break below the 17700 level, which is an internal supply zone,
it is likely that this level will once again act as a supply zone, causing prices to fall further below the support levels at 17560-17520.
