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NIFTY WEEKLY CHART STUDY

NIFTYDAILY121_1

 

“YOUR PAST WAS NOT A MISTAKE IF YOU LEARN FROM IT”

TRY TO LEARN FROM YOUR TRADING PATTERNS, BECAUSE YOUR MISTAKE’S ONLY LEAD YOU TOWARDS DEVELOPMENT

Many times in our previous articles we mention that nifty is making LOWER LOW AND LOWE HIGH PATTERN” as of now and as per our mention level is able to take support near to 7840 level last week and given move till 7975 almost and fallen in last trading session again near to 7840 level.

As per current chart development we can see that nifty was moving into “FALLING WEDGE” channel with lower top lower bottom formation, till now it able to give three tops and three bottoms on chart now.

As per candlestick chart pattern we see development of “BULLISH UPSIDE TAKASHI GAP” on chart now.

As per rsi also we can see that after “BEARISH DIVERGENCE” rsi also given lower tops and lower bottoms.

so with overall chart and patterns development we can see that nifty is having biggest support at 7800 level now, if able to move and close below this then only we can expect a further fall coming which can lead for correction of uptrend on weekly and monthly chart also.

If we see any support near to 7800 level then only one can think to go long here, because if this reversal happen then we can see upside levels till 7950-8050-8150-8300 also in coming days.

If in any case market able to go below and close below 7800 then only look for fresh selling opportunities for target levels 7650-7400-7200

Overall nifty future levels one has to consider for Mondays trading session are 7830-7867-7890-7910-7950-7968-7988. If able to sustain for 15 min beyond border range of 7830-7988 then only some wild moves to see or else you can find whole days move within mention range.

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