Nifty moving in a channel on hourly chart

2024년 2월 7일

Nifty is moving in a channel on hourly chart and seems like contraction which can take it either side. Upside after 21140 the sky is open but on downside there are many supports like 21840-21800 and followed by 21740 are strong support numbers. 21730 is monthly expiry since last 2 months and hence not easy to break.
Till the time Nifty is in this tight range OTM option buyers will loose money, though with time the support line is pushing nifty upward.

2024년 2월 7일

액티브 트레이드

Kindly note 21966, 22050, 22140 are resistances on upper side.

2024년 2월 8일

액티브 트레이드

Nifty tested 21740 and got support and trying to move up from there.

2024년 2월 8일

액티브 트레이드

Nifty broke the channel and gave 200+ points of run.
From here other targets will get active once nifty breaks today's day low i.e. 21663
Overall tone of nifty seems bearish and sell on rise may be the strategy.
** Please trade at your risk, Idea is shared only for educational purpose.

2024년 2월 9일

액티브 트레이드

Nifty got support from support level 21640 marked on the chart.
Next support levels are 21540, 21440 and 21140

21800-21840 is acting as string resistance now, 21966 will be another tough area to cross and then 22000 so overall it looks like nifty is not going to make new LTH soon.
On downside nifty is getting good support so may be nifty is in timewise correction mode.
Breaking below 21640 on hourly candle will bring bearishness to pull nifty towards 21000