NIFTY Analysis
Nifty after achieving my toofan targets (link in related idea section) and making a new ATH, is feeling some selling pressure at highs. It has now broken down weekly inside candle on downside with a weekly candle not looking very promising.
After making low in Sept around 16887, it has broken its previous two week's low first time on closing basis and also failed to cross its previous week's high.
It is also trading below 20 dema and did broke it down with full force. As per Inside candle trading setup, we should expect some targets on downside with supports placed around 18100, which was previously April & Sept high and worked as resistance. Nifty is expected to take support around this band and give a bounce of around 200-250 points in my opinion.
Major upside momentum is expected to resume only above 18580/18600 band again - In meanwhile if it manages to stay above 18100, we may see some consolidation above this zone to see a fresh base build up here and a panic sell below these level may invite 17950 to 17800 band in worst case.
Avwap from Sept low is also placed around 17900ish level for now and will act as super strong support. This level will be dynamic and continue to change as days pass by.
Low position sizing is mantra for now :)
Happy Trading :)
After making low in Sept around 16887, it has broken its previous two week's low first time on closing basis and also failed to cross its previous week's high.
It is also trading below 20 dema and did broke it down with full force. As per Inside candle trading setup, we should expect some targets on downside with supports placed around 18100, which was previously April & Sept high and worked as resistance. Nifty is expected to take support around this band and give a bounce of around 200-250 points in my opinion.
Major upside momentum is expected to resume only above 18580/18600 band again - In meanwhile if it manages to stay above 18100, we may see some consolidation above this zone to see a fresh base build up here and a panic sell below these level may invite 17950 to 17800 band in worst case.
Avwap from Sept low is also placed around 17900ish level for now and will act as super strong support. This level will be dynamic and continue to change as days pass by.
Low position sizing is mantra for now :)
Happy Trading :)
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