28th Jan 21: The first support, 50 day EMA is around 13670 - 13700 range. Nifty 50 has broken uptrend line yesterday on daily charts . Nifty 50 has created a new downtrend yesterday in intraday charts.
29th Jan 21: Can buy NIFTY1! with a stop-loss of 13850 for intraday as intraday charts are showing a positive momentum movement. *Stop-Loss triggered but the prediction was 100% correct as we can see what Nifty50 did on 1st Feb 21.
If you see the daily charts of Nifty50, you will see a pattern which we call the 'Bullish Flag Pattern' which was broken yesterday (check the trendline on candlesticks). Global markets are supporting so I will let go a small double top that Nifty50 has made on the daily charts. Double top is basically a bearish pattern but I don't see any reason for Nifty50 to start a downtrend again. The main trendline (blue) is uptrend but a correction was long due which we saw in the past week but the daily candlestick made yesterday shows a reversal. Now turning our attention to RSI, we have crossed the 50 mark with strength yesterday. We are expecting a gap-up opening today as well which means that even RSI will positively break the temporary trendline. Nifty50 also overcame a very strong resistance at 14222 levels which means that this is a new support. Next resistance is at 14480 levels which is very prominent in the hourly as well as on the daily charts.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.