Nifty Hourly Chart
Nifty Hourly chart is showing continuation move in in the parallel channel as shown in the above chart. Nifty sold off from High of 5700 which has been a resistance as marked in previous post.
In Upmove Previous support becomes resistance and vice -versa.
5605-5610 was a resistance in previous upmove and hence becomes support now.Below it 5575 should provide support below it weakness will come in Short term Technicals
The first and most important aspect of trading is finding support and resistance and than planning your trade based on Risk and Reward Ratio.
Nifty Daily Chart
Above 5720 market can rally till 5755 (200 DMA) and 5787 (78.6% Retracement) in next week.
200 DMA is defining range for Bulls and Bears and Considered as trend change from Long term perceptive.
Ideal Scenario will be market to take a breather and correct till 38.2% Retracement till 5481 take out weak hands and again gather strength and continue upmove.
Market is supreme and will decide its own way.We can just assign probabilities,trade moves giving high Risk to Reward Ratio
Nifty Weekly Chart
Nifty Weekly chart is again showing the importance of 5720 resistance where the long term trenline(Pink Line)is taking resistance and nifty selling of from that level. Above it market should move up and fail to cross will market to correct 50 SMA@5517 and 38.2% Retracement @5487.
Nifty Monthly Chart
Nifty Monthly chart also forming a trendline from upper side is resisting and giving support from Lower end of trendline. where it took bounce back.
Levels to watch
Trend deciding Level:5706
Resistance:5755,5805 and 5940
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- No Trading System -To Generate levels
- No Trading Plan -To Execute Trades
- Lack of Discipline
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