Nifty is in down trend channel, With recent swing low we have completed 127% of Fib retracement, a good point for fresh up trend. But looking at channel and Fib levels its going to be difficult for nifty to cross 8200 and 8400.
Green and Red marks are spots where nifty is expected to turn or break the channel. Be watchful around this time.
We have achived one target on down side. Lts c whats next will it hold this level or will move to next demand zone.
AMBRISH
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I will buy if comes near 7600.
dhananjay.d.joshi
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nifty at supply area.
AMBRISH
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THANKS FOR UPDATE.
pai56kota
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Thank you.
dhananjay.d.joshi
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Yes you can trade in any of the green or red channels, long when in green and short when in red.
Make sure you have sign of trend reversals in respective zones.
1.Hakin Ashi charts are one of the good ways to identify reversal.
2. Candle stick pattern
3. RSI or Stochastic cross
pai56kota
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Dear Dhananjayji, I am not a technical analyst. I feel nifty has to break, either to reach 9100 level or reach 6700 level. Channel is moving downward. Do you feel, after reaching 6700 level, nifty may move toward 9100 level? or at 7200 level?
dhananjay.d.joshi
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Predicting top and bottom won't help. Trend is our frend.
Till the time nifty is not braking downtrend structurally it won't be considered in uptrend or its forming bottom. On monthly charts around 6500 nifty is having previous structural support.
AMBRISH
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THANKS FOR EXPLANATION. TREND IS OUR FRIEND.
dhananjay.d.joshi
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Always welcome, in my opinion market needs to be analyzed in relation to our trading, analysis and its usage totally depends on what we trade and how we trade?