Nifty weekly chart is very interesting to look.
11,941 is a critical support while we have seen good support in the past at 11,173 levels also and these are levels to look out for (as indicated in the charts)
NIFTY has been on a secular uptrend if you see the chart and there seems to be little on weekly chart showing any sign of change in trend.
Look out for confirmation on smaller time frames for any initial signals of change in trend.
I have marked in yellow the higher highs and higher lows indicating the uptrend formation and note we had a minor scare in the week ending 22nd Oct 2018 where we tested the 10,000 mark but could not take down the previous low of the week ending 26th March 2018.
This was a big relief and the markets then made a new high on 3rd June 2019.
Nifty since has continued making the new high and new low trajectory, this despite the concerns raised by many of the enthusiasm being based not on merit. I am a firm believer that the market knows more than we think they know and its always good to look for taking trades in line with trend.
11,941 is a critical level as Bulls tried to break this resistance and price hovered around these levels for nearly 8 weeks (May 2019 to July 2019) before price was rejected and we saw a low of 10,650 nearly cementing itself as a good support level with nearly 10 weeks of price action finding support from July 2019 to Sept 2019
Finally, in November 2019, a renewed attempt was made by the bulls and over the next 7 weeks, price has created new all time highs and over the last 3 to 4 weeks closed above these levels
Look out for my charts on other time frames to see what is in store on Nifty.
Since the weekly charts are showing a positive built up and uptrend, the trades one may take on Daily time frame that’s long signals, will be in line with the prevailing trend and may be more probable.
Hope this helps
Look out for more and do share a thumbs up!
Cheers
11,941 is a critical support while we have seen good support in the past at 11,173 levels also and these are levels to look out for (as indicated in the charts)
NIFTY has been on a secular uptrend if you see the chart and there seems to be little on weekly chart showing any sign of change in trend.
Look out for confirmation on smaller time frames for any initial signals of change in trend.
I have marked in yellow the higher highs and higher lows indicating the uptrend formation and note we had a minor scare in the week ending 22nd Oct 2018 where we tested the 10,000 mark but could not take down the previous low of the week ending 26th March 2018.
This was a big relief and the markets then made a new high on 3rd June 2019.
Nifty since has continued making the new high and new low trajectory, this despite the concerns raised by many of the enthusiasm being based not on merit. I am a firm believer that the market knows more than we think they know and its always good to look for taking trades in line with trend.
11,941 is a critical level as Bulls tried to break this resistance and price hovered around these levels for nearly 8 weeks (May 2019 to July 2019) before price was rejected and we saw a low of 10,650 nearly cementing itself as a good support level with nearly 10 weeks of price action finding support from July 2019 to Sept 2019
Finally, in November 2019, a renewed attempt was made by the bulls and over the next 7 weeks, price has created new all time highs and over the last 3 to 4 weeks closed above these levels
Look out for my charts on other time frames to see what is in store on Nifty.
Since the weekly charts are showing a positive built up and uptrend, the trades one may take on Daily time frame that’s long signals, will be in line with the prevailing trend and may be more probable.
Hope this helps
Look out for more and do share a thumbs up!
Cheers
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