Nifty as of now

2023년 8월 5일

How NIFTY1! looks like going forward?

Weekly

1. (-1) This week's close is lowest of last 4 week. There was a red doji last week. Which gets clear confirmation on this week's closing.
   
2. (-1) Weekly volume is highest of last 4 weeks.
   

Daily

1. (+1) Nifty comes back to the uptrend channel with bullish kicker candle formation.
   
2. (+1) If you follow BB and EMA divergence - there is a bullish reversal signal came. (Buy above 19600 with SL: 19475)
   
3. (+1) Volume is considerable.
   
4. (+1) Volume profile shows good volume price range b/w 19450 and 19800.
   
5. (+0) EW will say (Assuming 26th June is the start) you are in completion of 2nd correction wave, but yet to be confirmed as there is no bullish divergence yet in RSI.
   
6. (-1) Since start of April, this is the first time it creates a lower high lower low.
   

So overall:

weekly negative (-2) and daily positive (+3).


Resistance: The Fib levels show 19650-19700 is the golden zone where Nifty will face steep resistance. Then is 19800 (last swing high)

Supports: 19350 (strong support), 19275, 19000

Best way to play: Go long around 19375-19350. Go short aroud 19650-19700.