Hi,
The Nifty50 opened a gap down of -137 paints and closed -149 points with a volatile of 217 points. Illustrate the 15-minute chart, opened below S2 and moved downward to 16820 today’s low from there N50 recover around 200 points reached near pivot level 17038 today’s high. But it could not move further up the pivot acting as resistance, from there fell to near S3 level i.e. today’s low again reached. The last 4 sessions closed happened below everyday low. So, in the bear trend market, are likely to continue. Today’s swing was around 400 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17123, R2-17020 & R1-16957
Pivot & CPR:
P- 16854, BC- 16882 & TC 6929
Support:
S1-16854, S2-16781 & S3-16688
If Nifty50 is sustained above 16930 the bull run will take place and moves upwards further ready to retrace the level of 16960, 17020 then 17125.
If Nifty50 is sustained below 16820 the bear run will continue and be ready to retrace the level of 16780 & 16689.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
The Nifty50 opened a gap down of -137 paints and closed -149 points with a volatile of 217 points. Illustrate the 15-minute chart, opened below S2 and moved downward to 16820 today’s low from there N50 recover around 200 points reached near pivot level 17038 today’s high. But it could not move further up the pivot acting as resistance, from there fell to near S3 level i.e. today’s low again reached. The last 4 sessions closed happened below everyday low. So, in the bear trend market, are likely to continue. Today’s swing was around 400 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17123, R2-17020 & R1-16957
Pivot & CPR:
P- 16854, BC- 16882 & TC 6929
Support:
S1-16854, S2-16781 & S3-16688
If Nifty50 is sustained above 16930 the bull run will take place and moves upwards further ready to retrace the level of 16960, 17020 then 17125.
If Nifty50 is sustained below 16820 the bear run will continue and be ready to retrace the level of 16780 & 16689.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.