Hi,
The Nifty50 opened a big gap down of -171 paints and closed -311 points with a volatile of 218 points. Illustrate the 15-minute chart, opened below S2 and moved downward crossed S3 reached 16978 (Today’s low) from there it took to support and started moving upward reached 17167 then not sustained again Nifty50 was fell to near today’s low 16984 act as support from there little up and closed 17016 below S3. Today was a bear trend market most of the trades are done below S2 to below S3.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17282, R2-17179& R1-17115
Pivot & CPR:
P- 17064, BC- 1740 & TC 17087
Support:
S1-17012, S2-16939 & S3-16845
If Nifty50 is sustained above 17090 the bull run will take place and moves upwards further ready to retrace the level of 17115, 17180 then 17285
If Nifty50 is sustained below 16975 the bear run will continue and be ready to retrace the level of 16938 & 16850.
If Nifty50 breaks and closes below 16850. This will lead to a further fall up to 16575. The current trend is to sell on rising
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 big gap down of -171 paints and closed -311 points with a volatile of 218 points. Illustrate the 15-minute chart, opened below S2 and moved downward crossed S3 reached 16978 (Today’s low) from there it took to support and started moving upward reached 17167 then not sustained again Nifty50 was fell to near today’s low 16984 act as support from there little up and closed 17016 below S3. Today was a bear trend market most of the trades are done below S2 to below S3.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades
Resistance:
R3-17282, R2-17179& R1-17115
Pivot & CPR:
P- 17064, BC- 1740 & TC 17087
Support:
S1-17012, S2-16939 & S3-16845
If Nifty50 is sustained above 17090 the bull run will take place and moves upwards further ready to retrace the level of 17115, 17180 then 17285
If Nifty50 is sustained below 16975 the bear run will continue and be ready to retrace the level of 16938 & 16850.
If Nifty50 breaks and closes below 16850. This will lead to a further fall up to 16575. The current trend is to sell on rising
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.