Sensex Structure Analysis and Trade Plan: 17th September

4-Hour Chart (Swing Context)

Trend: The Sensex index is currently in an ascending channel formation after a prior downtrend.
Key Zone: The price is approaching the 82,100-82,300 supply zone, which is a significant resistance area.
Previous Break: The price has broken above the 81,200 level, which is now acting as a potential demand zone.
Bias: The overall momentum is bullish, but the price is currently within a major resistance zone.

1-Hour Chart (Intraday Context)

Structure: The price action is forming a clear pattern of higher highs and higher lows, indicating a bullish structure.

Support: The 81,200 level, which was previously resistance, is now acting as a support zone and showing strong bounces.

Current Action: The price is currently consolidating below the 82,100-82,300 supply zone.

BOS: The buying order flow is still dominant, but the upside liquidity appears to be thinning.

15-Minute Chart (Execution View)

Action: The price is in a sideways consolidation pattern below the 82,000 level.

OB: The order block around 81,100-81,200 is acting as a support buffer.

FVG: Minor FVGs in the 81,300-81,350 zone may offer intraday support.

Channel: The price is respecting the ascending channel boundaries.

Trade Plan (17th September)

Bullish Scenario

Entry: Buy on a retracement towards the 81,100-81,200 demand zone (OB + structure support).
Targets:
TP1: 81,500 (intraday liquidity)
TP2: 82,100-82,200 (supply zone top & channel resistance)
Stop Loss: Below 81,000 (channel bottom & invalidation).

Bearish Scenario

Entry: Short on a rejection of the 82,100-82,300 supply zone with a strong bearish signal (e.g., engulfing candle).

Targets:
TP1: 81,300 (potential FVG fill)
TP2: 81,100-81,200 (major demand zone/OB)
Stop Loss: Above 82,300.
Bias: Neutral-to-Bullish. Expecting a potential pullback to 81,100-81,200 before a move towards the 82,100-82,300 resistance zone.

Caution: If the 81,100-81,200 demand zone fails to hold, expect a further downside acceleration towards 80,800-80,600.