Hi,
The Nifty50 opened a gap up of +135 paints and closed -40 points with a volatile of 237 points.
The last 4 sessions closed happened below everyday low. So, the bear trend market is likely to continue. Today’s swing was around 427 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17115, R2-17003 & R1-16934
Pivot & CPR:
P- 16877, BC- 16847 & TC 16907
Support:
S1-16822, S2-16741 & S3-16640
If Nifty50 is sustained above 16900 the bull run will take place and moves upwards further ready to retrace the level of 16930, 17000 then 17100.
If Nifty50 is sustained below 16790 the bear run will continue and be ready to retrace the level of 16740 & 16640
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
The Nifty50 opened a gap up of +135 paints and closed -40 points with a volatile of 237 points.
The last 4 sessions closed happened below everyday low. So, the bear trend market is likely to continue. Today’s swing was around 427 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17115, R2-17003 & R1-16934
Pivot & CPR:
P- 16877, BC- 16847 & TC 16907
Support:
S1-16822, S2-16741 & S3-16640
If Nifty50 is sustained above 16900 the bull run will take place and moves upwards further ready to retrace the level of 16930, 17000 then 17100.
If Nifty50 is sustained below 16790 the bear run will continue and be ready to retrace the level of 16740 & 16640
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.