MORE EVER WE TAKE OUR DECISION ON OUR PSYCHOLOGICAL ASSUMPTION LIKE, PERCEPTION, GREEDINESS, FEAR, TIMING AND MANY OTHER FACTORS WHICH SUITS OUR DECISION, BUT ALWAYS GIVEN A 2nd THOUGHT TO YOUR DECISION BECAUSE WE CAN FIND MANY DIFFERENT POSSIBILITIES WHICH CAN EVEN PROVE WRONG TO OUR DECISION. {This advice is not only for market but you can try in your real life also}
Last week we clearly mention that nifty is having upside resistance of 6250 from this level nifty able to make till 6150 down side and after 6250 it has given 6300 on charts last week.
Now with the important event coming this week, we can say that market may show some big volatile movement, which can be beyond the range of our perception also, still we are trying to put some technical insight as per the chart development, market may or may not consider this levels also, as upcoming even can lead for big moves next week, so we can decide to trade with further important levels as we see them on charts.
With current week chart development we can see some important patterns developments
This week nifty has given a “ASCENDING TRIANGLE” on chart and able to give close above this triangle on chart, triangle is having range of 250 points so with the triangle upper level of 6250 we can see further 250 points move as per the pattern.
As we can see on chart that market has taken support on daily chart on bottom line of triangle near 6200 fut. Level and this lead for up move which came with gap up opening of 100 points last week.
Even a same sign was shown by rsi also, so last week up move was confirmed with this development on chart.
As per the candlestick there is a development of “BULLISH PIERCING” pattern on chart, which usually found when it’s a downside reversal, so at present we found this pattern on much higher level of market so its outcome we need to wait and watch now.
As per the chart we can see that price able to move and close above triangle level but yet rsi is not moved above the triangle formed.
So our overall view is market still trading in strong zone now, upside 6310-6350 is recent resistance range now, if able to move above this range then we can see 6400-6500-6550-6700 levels in coming time, it need to close above 6350 for at least one session {2 session close can give more strong confirmation of up move, one session close some time produce a reversal also}
Downside market is having immediate support at 6200-6150 level, then after 6050-5950 are next support levels.
So overall view this week is any movement above 6310 if sustain for 1-2 hours then more upper levels to see, if
With the upcoming news in a market we can even see market opening at 2 or 3rd support or resistance levels also, so traders should initiate their trader as per the further levels mention.
So eye on 6350 level moving and closing beyond this can give strong up move, if near this level market close negative then it can turn into reverse selling also.