Nifty Update: How to position?
My strategy for upcoming sessions.
Three Possible event to play out in coming sessions.
Bounce from approx 18.1k to 18k level, this level is
- 23.6% Fib retracement from the lows of June' 22 to fresh ATH.
- 50EMA of NIFTY, will act as supports
- High of Sept' 22 Top, will act as support.
Any bounce from this level will indicate good strength in ongoing UP trend
- In Nov'22 we have seen a bounce from here and NIFTY made New ATH.
What to do?
Should add quality stock if we see bounce from this level, as we may see the
possible target of 19k-20k as estimated previously.
Hitting the ongoing uptrend line from lows of June'22.
This level can be around 17.8k, possibility of hitting can be thought as general
stretched pull back.
What to do?
No Fresh position until Nifty crosses 18k-18.1k
Breakdown below from ongoing uptrend line.
This possibility may occur, as on smaller time frame (1 hour) we can see H-N-S pattern.
If this plays out then support can be found around 17.6k, as this level is
- H-N-S pattern target
- Support of downward sloping trend line from highs of Oct'21.
Earlier resistance can act as support.
What to do?
- Reduce the existing position for breakdown below the UP trend line
(around 17.8K)
- Exit all position for breakdown below downward sloping trend line
(around 17.6k).
My strategy for upcoming sessions.
Three Possible event to play out in coming sessions.
Bounce from approx 18.1k to 18k level, this level is
- 23.6% Fib retracement from the lows of June' 22 to fresh ATH.
- 50EMA of NIFTY, will act as supports
- High of Sept' 22 Top, will act as support.
Any bounce from this level will indicate good strength in ongoing UP trend
- In Nov'22 we have seen a bounce from here and NIFTY made New ATH.
What to do?
Should add quality stock if we see bounce from this level, as we may see the
possible target of 19k-20k as estimated previously.
Hitting the ongoing uptrend line from lows of June'22.
This level can be around 17.8k, possibility of hitting can be thought as general
stretched pull back.
What to do?
No Fresh position until Nifty crosses 18k-18.1k
Breakdown below from ongoing uptrend line.
This possibility may occur, as on smaller time frame (1 hour) we can see H-N-S pattern.
If this plays out then support can be found around 17.6k, as this level is
- H-N-S pattern target
- Support of downward sloping trend line from highs of Oct'21.
Earlier resistance can act as support.
What to do?
- Reduce the existing position for breakdown below the UP trend line
(around 17.8K)
- Exit all position for breakdown below downward sloping trend line
(around 17.6k).
