Nifty Update

Dear All,

It’s been a nice one-sided month of Feb and March. Bears active all around.

Now the question arises what next?

Let’s focus on charts and see what price is offering.

Below are the charts for your reference.

Nifty 50 Hourly Chart

On Hourly Chart, Price is perfectly moving in a parallel channel. Channel Resistance at 10300.

Nifty 50 Dailly Chart

On Daily Chart, Price perfectly took support at confluence zone.There is an RSI(14) positive divergence.

Nifty 50 Weekly Chart

On Weekly chart price perfectly took support at 38.2% fib ratio and now important to see tomorrow’s expiry, If the price goes above 10300 then you can expect further rally till 10500 levels.

Trade Setups are –

Buy above 10210 spot levels for Target 10300-350-400 levels with SL 10140

Sell Below 10140 spot levels for Target 10070-10020 level with SL 10210.

Cheers

Sid

NIFTY UPDATE

Dear All,

In my last post about Nifty, I’ve clearly mentioned the Trading range of 10300-10600 which worked so perfectly. So, 10300-10600 range is intact.

10600 level was a confluence zone of fib ratios which act as a strong resistance level and see how price got rejected from there.

My view will remain the same, If Nifty Breaks 10285 then more downside possible and 10625 for upside.

 

I have attached Daily and Hourly Chart of Nifty for your reference.

Nifty Hourly Chart
Nifty Daily Chart

Cheers

Sid