Nifty Daily Chart
Post Market at 18.49 ist
A swing top has been formed as lower high and lower low has been formed with bearish candlestick.
The last swing bottom was at 14984.
The swing bottom of 14984 becomes a support which can be tested in near term.
As a result of the swing top, Nifty will have to cross and close above the swing top high of 15430 to continue the sequence of higher top and higher bottom since the last major swing bottom of 13666 formed on 29/01/21 which got confirmed on the back of strong move of 01/02/21.
The retracement levels as shown in the chart are placed at 14743-14532-14322.
Another lower high and lower low with bearish candle on 18/02/21 will take Nifty down to test
the swing bottom of 14984 at least.
A further fall and close below 14984 will extend the correction towards the retracement levels as mentioned and shown on chart
Once again initial objective for traders with extreme near term positional trade will be to book profit or exit long till 15430 is not violated.
Post Market at 18.49 ist
A swing top has been formed as lower high and lower low has been formed with bearish candlestick.
The last swing bottom was at 14984.
The swing bottom of 14984 becomes a support which can be tested in near term.
As a result of the swing top, Nifty will have to cross and close above the swing top high of 15430 to continue the sequence of higher top and higher bottom since the last major swing bottom of 13666 formed on 29/01/21 which got confirmed on the back of strong move of 01/02/21.
The retracement levels as shown in the chart are placed at 14743-14532-14322.
Another lower high and lower low with bearish candle on 18/02/21 will take Nifty down to test
the swing bottom of 14984 at least.
A further fall and close below 14984 will extend the correction towards the retracement levels as mentioned and shown on chart
Once again initial objective for traders with extreme near term positional trade will be to book profit or exit long till 15430 is not violated.