Nifty Daily Update
As mentioned yesterday NS made a green candle today, though it is a doji. The doji says aloud neither bull nor bear is having upper hand as of today.
The candle is sandwitched in between 5 and 2 SMA.
As per EW if consider 11495 to 11340 as A wave, the B is in progress from 11340 to todays' high, either completed or in the process of completing.
In that case C wave is pending which can take NS below 11340 and probable target could be 11280-262 where the 20 MA is placed now.
As per Gann rules NS should not breach the low of Tuesday (today) on Wednesday, and if it breaches the 11280-62 can lend support.
If we look at MP, not sure, but 11340 low of yesterday looks like a FA and in such a case the NS should return to that area in T+5 days.
MACD histogram has given a tick just below 0 and as the signals are far away above 0, it is just a matter of time it can come up again above 0.
To sum up, expecting NS to play in between 11480-11340 and as a worst scenario NS to make a low near 10280-262. This side ways movement
in the coming days more probable as the Settlement is nearing and OI build up is not budging. Interesting days ahead.
This is my personal view for educational purposes and this may not be good for trading. Any trade taken on the above basis shall be at
individual's own risk.
The candle is sandwitched in between 5 and 2 SMA.
As per EW if consider 11495 to 11340 as A wave, the B is in progress from 11340 to todays' high, either completed or in the process of completing.
In that case C wave is pending which can take NS below 11340 and probable target could be 11280-262 where the 20 MA is placed now.
As per Gann rules NS should not breach the low of Tuesday (today) on Wednesday, and if it breaches the 11280-62 can lend support.
If we look at MP, not sure, but 11340 low of yesterday looks like a FA and in such a case the NS should return to that area in T+5 days.
MACD histogram has given a tick just below 0 and as the signals are far away above 0, it is just a matter of time it can come up again above 0.
To sum up, expecting NS to play in between 11480-11340 and as a worst scenario NS to make a low near 10280-262. This side ways movement
in the coming days more probable as the Settlement is nearing and OI build up is not budging. Interesting days ahead.
This is my personal view for educational purposes and this may not be good for trading. Any trade taken on the above basis shall be at
individual's own risk.
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