NIFTY 50 exceeds the high from August 31 and spiked @ 11905.70 today. It left a „Doji“ at chart, a message of „uncertain“!
At the 30 min chart, you will observe the movement within a trend channel. Today`s low touched the lower boundary of the channel and bounced some point higher. A solid close below the boundary should imply further weakness for NIFTY . Note the open gap left by today`s session. A close of the gap should be a good hint that a top is in place.
A break of today`s low @ 11791 opens the door for this scenario and would activate a target @ 11735-11630, both are Fibonacci numbers.
A solid breakout above today`s high opens the door for a gap close @ 12080.85, left by trading from February 20.
Have a great Friday.....
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Trading this analysis is at your own risk!