Nifty index is showing strong bearish pressure from the 22200 levels. A drop base drop is done. Price tested the demand zones at 21960 levels. now it is ready to move again or fall back to below trendline to grab the liquidity. On bottom side, strong support at 21800 levels with an intersection point at trendline... this is likely to push the price upwards.... If price breaks the trendline an observation point of resistance at 22100-22150 level is the strong resistance to push the price downwards. If consolidation is observed above this levels leads to an breakout above 22300 levels for the targets likely to be 22500 followed by 22600 levels by keeping the SL at 22100-22150 levels.
If price falls from 22100-22150 levels, it will consolidate on bottom side to test the 21300 levels of support and will likely to continue to bottom side. this is the crucial place to observe in NIFTY To continuation or Bearish??
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moving in a channel
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wait until price breaks the channel...sl is too big to enter...
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A Retest to the base is compulsory for further move in NIFTY INDEX
nifty index movement for 1st mar- 230 pts ( high low), I see high of 22060-90 and low 21830 to 860 . Most important to see first 30 min candle, if it is closed high and take support 22090 then mkt may go up till 22300. if first 30 min candle close below 22000 then most likely mkt will reach to 21850 level. Pls validate.
IIT-Trader
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@sachinsawant2404, price has to consolidate between 22100-22200 levels to go long side...otherwise no long side.. on bottom you have already said 800-860 level is good.
rajeshkshatriya555
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yes 22200 is strong resistance as no nifty 50 weighted stock to support
Krishinas
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falling wedge leg target is at 22600
IIT-Trader
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@Krishinas, price is moving without retracement it's a V shape recovery any time it falls, these moves cannot sustain
Krishinas
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ok
IIT-Trader
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@Krishinas, taking the trades above ATH Is too much risky...