Possible explanation to Nifty Movements today ( The zigzag pattern)
pre open market was more like a hanging man where HDFC bank reliance industries, TCS were positive but ICICI Bank, infosys and other top IT where downward to flat. Hence, it was expected to be a flat market.
Opening was strong with back to back green candles but it could not break the standard deviation path for a long time hence it was expected to fall since its just opposite of what happened yesterday.
Resistance and support were both super strong which explains whever it touches extension of Resistance it falls back similarly when it touches extension of support it tends to pull back and return to mean position which is blue line.
All together for now market is positive and we expect people to stay a little deep in the money with small stop losses and re-entry.
pre open market was more like a hanging man where HDFC bank reliance industries, TCS were positive but ICICI Bank, infosys and other top IT where downward to flat. Hence, it was expected to be a flat market.
Opening was strong with back to back green candles but it could not break the standard deviation path for a long time hence it was expected to fall since its just opposite of what happened yesterday.
Resistance and support were both super strong which explains whever it touches extension of Resistance it falls back similarly when it touches extension of support it tends to pull back and return to mean position which is blue line.
All together for now market is positive and we expect people to stay a little deep in the money with small stop losses and re-entry.
Trade active
lower side moves welcome
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.