Will Nifty Retrace or Fall Further?
Atualizado
I believe the Nifty's fall today is due to the Ukraine Crisis, as similar fall in indexes is observed in various markets across the world.
Or we have any domestic news like inflation or the 5 state elections?
So, where will Nifty head from here?
Downside View:
1. Nifty Falls below 16925
This level worked as a very good support for the past few weeks. So a close below this level simply implies further fall in Nifty --> towards 16500, 16000 levels.
2. Nifty closes below the Thick Black line
Note this line is below 16930. I'm expecting this support line will be tested in a couple of days if not today if Nifty closes below 16930.
If this support line's broken expect further fall in Nifty.
Upside Move:
Nifty moves up smartly and closes above 17250. Few resistances on it's way would be 17075, 17115, 17165, 17212. If you ask me what are the chances, I say low. But with markets, you never know.
17075 - Today's opening is the key here. A Green Candle today, improves the possibility of Nifty moving towards 17250.
Good Luck and STay safe.
Disclaimer
- The view expressed here are my personal views. We're not SEBI registered Analysts.
- Always have a STOP LOSS, particularly when you trade options.
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Or we have any domestic news like inflation or the 5 state elections?
So, where will Nifty head from here?
Downside View:
1. Nifty Falls below 16925
This level worked as a very good support for the past few weeks. So a close below this level simply implies further fall in Nifty --> towards 16500, 16000 levels.
2. Nifty closes below the Thick Black line
Note this line is below 16930. I'm expecting this support line will be tested in a couple of days if not today if Nifty closes below 16930.
If this support line's broken expect further fall in Nifty.
Upside Move:
Nifty moves up smartly and closes above 17250. Few resistances on it's way would be 17075, 17115, 17165, 17212. If you ask me what are the chances, I say low. But with markets, you never know.
17075 - Today's opening is the key here. A Green Candle today, improves the possibility of Nifty moving towards 17250.
Good Luck and STay safe.
Disclaimer
- The view expressed here are my personal views. We're not SEBI registered Analysts.
- Always have a STOP LOSS, particularly when you trade options.
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Nota
Nifty tested 17075 Resistance once, and failed to break it.17033 - This is a new resistance level for Intra day. Keep this as SL for your Shorts.
Nota
17033 Resistance tested twice. Unbroken.17008 - This should be the new resistance level. Keep this as SL and maintain your shorts.
Nota
Both 17008, 17033 resistances broken. This is where I would either close my Shorts and wait for a better entry. Or go long with a SL of 17033.Nota
Yikes..SL triggered for the Long Idea.Nota
I guess it's better to sit on the sides for a while. Nifty is moving in a very short range. A huge gap down followed by a narrow range.Nota
The support line mentioned in the post is Broken.Now, time will tell if that support is a good enough one or not. Time - we should know tomorrow or in a couple of days, when it's tested again.
Aviso legal
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