Hi Guyz,
I am a swing trader using index and stock options as preferred instruments. I am going to start a new thread on technical analysis of NIFTY, BANKNIFTY and other liquid stocks. Please post your opinion or questions here. I hope we all benefit from each other's expertise.
Nifty has been trading in an ascending triangle with 2009, 2012 and 2013 lows proving a support while the 2008, 2010 and 2013 highs acting as resistance. Therefore NIFTY has been forming same highs and higher lows, and a breakout may be imminent. News flow and sentiment is strongly negative right now which may indicate a bottom formation pretty soon.
The bounceback in the last 30 minutes of Friday was expected because of this. NIFTY maybe very volatile till expiry but expect some upward momentum.
Price action means everthing so this analysis will be VOID if NIFTY decisively closes below the trendline on a weekly basis. In such a case, I'm looking at a target of 4500 on NIFTY.
I am a swing trader using index and stock options as preferred instruments. I am going to start a new thread on technical analysis of NIFTY, BANKNIFTY and other liquid stocks. Please post your opinion or questions here. I hope we all benefit from each other's expertise.
Nifty has been trading in an ascending triangle with 2009, 2012 and 2013 lows proving a support while the 2008, 2010 and 2013 highs acting as resistance. Therefore NIFTY has been forming same highs and higher lows, and a breakout may be imminent. News flow and sentiment is strongly negative right now which may indicate a bottom formation pretty soon.
The bounceback in the last 30 minutes of Friday was expected because of this. NIFTY maybe very volatile till expiry but expect some upward momentum.
Price action means everthing so this analysis will be VOID if NIFTY decisively closes below the trendline on a weekly basis. In such a case, I'm looking at a target of 4500 on NIFTY.
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