Hi Traders,
As we breakdown the hourly chart for short term analysis, we have a short term bearish bias on nifty 50 because it is trading below the 50SMA. Nifty 50 has closed below a major support level today. Other Key levels as per hourly chart are between 11458.05 and 11418.18 which can act as a resistance in case of a pullback. We have a support at 10897.84 and 10861.36.
Now we will have a look at the daily chart. The daily shows that this counter is inside a support zone(White) and we have a resistance at 11445.87(Green). This resistance can be only for a short term because the daily chart shows we are still in an uptrend because we are trading above the 50SMA.
Nifty has broken a trendline to the downside but in can still be a corrective wave. A close below 11077.42(Red) will indicate the start of a downtrend.
Note:- This analysis can be used for short term and medium term analysis. We need to breakdown the weekly chart for long term investments.
If u have any suggestion on which counter u need an analysis, please comment below.
Pls like and follow for more.
Happy Trading............
As we breakdown the hourly chart for short term analysis, we have a short term bearish bias on nifty 50 because it is trading below the 50SMA. Nifty 50 has closed below a major support level today. Other Key levels as per hourly chart are between 11458.05 and 11418.18 which can act as a resistance in case of a pullback. We have a support at 10897.84 and 10861.36.
Now we will have a look at the daily chart. The daily shows that this counter is inside a support zone(White) and we have a resistance at 11445.87(Green). This resistance can be only for a short term because the daily chart shows we are still in an uptrend because we are trading above the 50SMA.
Nifty has broken a trendline to the downside but in can still be a corrective wave. A close below 11077.42(Red) will indicate the start of a downtrend.
Note:- This analysis can be used for short term and medium term analysis. We need to breakdown the weekly chart for long term investments.
If u have any suggestion on which counter u need an analysis, please comment below.
Pls like and follow for more.
Happy Trading............