Nifty Update on 17th November 2021

Nifty Update for 17th Nov 2021
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Good Morning Everyone,

Index behavior is falling from every rise, which is a clear sign of a downtrend market, but We still need confirmation and a clear structure. India USD and SGX both are trading on a negative note, a small Gap down accepted.

I have posted 2 Images, One is in the daily time frame, and the second is in the hourly time frame.

Daily time Frame
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The Index has never broken its swing low since April 2020, which is a sign of a very bullish market; 17,600 is the previous swing low, so this level is Important support. We can see a good correction if it's Broken. The Index can change its current structure if broken and sustained above 18,220.

In short, the Market cycle and structure both are missing here, and we are Trading in Indeciosn Market.

Intraday Setup for 17TH Nov ( Hourly time Frame)
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18,030 is an Important level and can act as resistance in today's Intraday, Build a long Position if the Index breaks and sustain above in the first hour. For short, you guys need to wait for 17,900

Trade chiuso: obiettivo raggiunto