Ankit_Jain
Short

Nifty 50 Monthly Analysis

NSE:NIFTY   Nifty 50 Index
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On monthly chart, the Nifty is in uptrend which has just made a swing high.
To break this uptrend, it has to breach last swing low position at 9951.90 (marked as red line, between 2 orange lines)
Now, as per Fib Ret it may retract till (immediate retractment levels at 0.382, 0.50):
Support 1 - 10250
Support 2 - 9792. Since this support is below last swing low, then it may not mean anything as the trend has definitely reversed from uptrend and may very well be in downtrend/consolidation mode
Both Support 1 & 2 are marked with orange lines.
Safe bet - Short 11750CE at 5.5
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On Weekly chart,
The uptrend has been broken as it reaching a critical support level of 10800 (green line), which is a psychological support as well
It may bounce from this level or if breached can take support at monthly levels too nonetheless it seems like it will try to reach the 10800 support level in coming weeks.

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On Daily chart , It is at support and might bounce off from this level. Go Long if 11035 level is breached
All in all, bulls know no resistance, bears know no support.
For now keep shorting CEs keeping the support levels mentioned above in mind as quick reversals can be observed.

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Happy to hear your thoughts/criticism which can help me improve further.
Currently under the mentorship of Amit Ghosh, you can see his market insights at https://www.tradingview.com/u/Amit_Ghosh...


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