MULTI TIMEFRAME ANALYSIS OF NIFTY FOR TOMORROW - 14-05-2024
Nifty is trading below Monthly CPR and Below Weekly CPR , today since 20 and 50 SMA in 5 min chart provided support to the candles therefore the prices atarted to move up towrds 5 min CPR and PDH levels .
Tomorrow we have to look if falling 50 SMA in hourly chart is providing resistance or it is acting as a support , We can trust bulls if the price is able to sustain above the 50 SMA in hourly timeframe and weekly CPR levels.
If we are getting resistance from 50 SMA and weekly CPR in hourly timeframe then prices can go down .
In 5 min timeframe above R1 and PDH we can go for long scalping and trust the bulls , but inside weekly CPR we have to avoid trading.
Tomorrow we have to look if falling 50 SMA in hourly chart is providing resistance or it is acting as a support , We can trust bulls if the price is able to sustain above the 50 SMA in hourly timeframe and weekly CPR levels.
If we are getting resistance from 50 SMA and weekly CPR in hourly timeframe then prices can go down .
In 5 min timeframe above R1 and PDH we can go for long scalping and trust the bulls , but inside weekly CPR we have to avoid trading.
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