Nifty: up or down?

11 gen

1) From 2023 December 4th to till this day Nifty is travelling in an upward channel. The lowest low of this channel is 20507.75(On Dec 4th 2023). And the highest high of this channel is: 21834.35 (On 1st Jan 2024). On 10th January this channel was broken for sometime, but not sustained.

2) From 2023 December 28 to till this day it is travelling in a downward channel. The highest high of this channel is: 21834.35 (On 1st Jan 2024). And the lowest low is: 21448.65 (On 10th January).

Now Nifty is at a decisive point. It can break the upside of the downward (inner) channel and continue its uptrend. Or it can break the lower side of the upward (main) channel and show some more weakness.

13 gen

Nota

When we analyse the daily chart:

1) On Jan 12, had a gap up opening.
2) Had a fantastic rally of 247.35 points.
3) Hit all time high @ 21928.25.
4) Crossed above the mid line of upward channel, but closed slightly below the line.
5) Broke the upper boundary of downward channel at the opening itself.
6) closed @ 295 points above the 13 EMA line.
7) closed @ 430 points above the 20 EMA line.
8) closed @ 1014 pints above the 50 EMA line.
9) After breaking resistance around 20220 - 20290 level, index surged 1600 points.
10) There is an unfilled gap between 20291.55 - 20507.75.

And in weekly chart a hanging-man pattern can be seen, after red coloured doji.

Please guess what will happen next.

15 gen

Trade attivo

1) On Jan 15, had a gap up opening.
2) Had a fantastic rally of 202.90 points.
3) Hit all time high @ 22115.55.
4) closed @ 427 points above the 13 EMA line.
5) closed @ 573 points above the 20 EMA line.
6) closed @ 1169 pints above the 50 EMA line.
7) closed @ 2441 pints above the 200 EMA line.
8) After breaking resistance around 20220 - 20290 level, index surged 1807 points.
9) There is a gap of about 180 points between today's close and the nearest upper level of upward channel.
10) Today, index formed a hanging-man candle.

Can we expect a correction in coming days' trade?

16 gen

Trade chiuso manualmente

1) Will go long again if Nifty closes above 22150.
2) Will go long again if Nifty touches the lower line of the upward channel and shows a sign of return.
3) Not thinking about shorting at present.

Disclaimer: This is not a recommendation. I'm not a SEBI registered adviser, but just a trader.