Hi,
The Nifty50 opened a small gap down of -35 paints and closed -302 points with a volatile of 351 points. Illustrate the 15-minute chart, opened near above S2 and moved upward crossed S1 reached pivot point high of 17642 (Today’s high) then immediately fell from there to below S3 level 17438 within 30 minutes. Nifty50 was consolidating from 9.45 AM to 12.30 noon and tried to take support-S3 of 17438 but it got failed and not sustained above S3 level further fell to today’s low 17291 act as support from there little up and closed 17327 below S3. Today most of the trades are done in below Pivot to below S3 clear one side bear trend.
If the Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for next week’s trades.
Resistance-R3-18140, R2-17845 & R1-17660
Pivot – 17512, BC- 17420 & TC 17605
Support – S1-17365, S2-17153 & S3-16885.
If Nifty50 is sustained above 17605 the bull run will take place and moves upwards further ready to retrace the level of 17660, 17845 then 18140
If Nifty50 is sustained below 17295, the bear run will continue and be ready to retrace the level of 17153 & 16885.
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 small gap down of -35 paints and closed -302 points with a volatile of 351 points. Illustrate the 15-minute chart, opened near above S2 and moved upward crossed S1 reached pivot point high of 17642 (Today’s high) then immediately fell from there to below S3 level 17438 within 30 minutes. Nifty50 was consolidating from 9.45 AM to 12.30 noon and tried to take support-S3 of 17438 but it got failed and not sustained above S3 level further fell to today’s low 17291 act as support from there little up and closed 17327 below S3. Today most of the trades are done in below Pivot to below S3 clear one side bear trend.
If the Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for next week’s trades.
Resistance-R3-18140, R2-17845 & R1-17660
Pivot – 17512, BC- 17420 & TC 17605
Support – S1-17365, S2-17153 & S3-16885.
If Nifty50 is sustained above 17605 the bull run will take place and moves upwards further ready to retrace the level of 17660, 17845 then 18140
If Nifty50 is sustained below 17295, the bear run will continue and be ready to retrace the level of 17153 & 16885.
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.
Trade closed: target reached:
Bear run S2 and S3 target reached
Resistance:
R3-17771, R2-17605& R1-17503
Pivot & CPR:
P- 17420, BC- 17374& TC 17467
Support:
S1-17337, S2-17219 & S3-17069
If Nifty50 is sustained above 17470 the bull run will take place and moves upwards further ready to retrace the level of 17500, 17600 then 17770
If Nifty50 is sustained below 17295, the bear run will continue and be ready to retrace the level of 17220 & 17070.
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.