Timeframe: Daily
After making a new high of 18881, nifty collapsed for more than 800 points in just 16 trading sessions. Price couldn’t sustain above 18434 to enter in Bullish scenario.
The closing price of yesterday was 18127, which is close to 18100, a psychological support level. Three shreds of evidence support this level as a support level. In the past, a breakdown of 18100 has led to supply pressure as well.
Today, we can expect bearish movement. Nifty has the potential to gap down for more than 100 points in many scenarios. A breakdown of 18100 will drive prices to the lower band of the channel where demand takes birth. In the event that buyers take back the trend, there may be excess at the lower band of the parallel lines.
A safe buying scenario is only possible above 18434.
I will update further information for premium subscribers soon.
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Are you looking for NSE paid calls? Want to get premium trading alerts and unlimited access to Moneymunch? Join today and start potentially multiplying your net worth: Premium Stock & Nifty Tips
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Equity Research Reports, Focus List portfolio of 50 longer-term stocks, Premium screens, and much more. You will quickly identify which stocks to buy, which to sell and target today΄s hottest industries.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Thank you for sharing.
Good insight
Nifty will go down
Sir, the market is having bearish sentiments, and it will reach 17000 again. Thank you for your analysis.