Nifty Analysis for 12th Nov

١١ نوفمبر ٢٠٢١

NIFTY

⏺ 4/1 Hourly - Nifty is making lower highs and lower lows.
⏺ 15/5 min - Constantly getting rejected from purple resistance

✅ Support - 17850, 17760
❌ Resistance - 17960

📈 Trend? - Rangebound, but if lower support is broken, rally to that side is very much likely.
(what this basically means is that you should avoid treading against the trend *whatever it may be* as it will not give you much points)

↕ Market movement - 250-300 pt

❗❗ Watch out for :

--> Rangebound market. If possible, take trade only after either support or resistance is broken with good volume .
--> Rangebound market will eat your premium if you are a buyer.
--> waiting for retracement is always better than diving in.
--> wait for a candle to close before deciding that it is a confirmatory candle.