Nifty50 on 15Min and Daily Chart
The strong upward trend is intact which is drawn from rock bottom in March-2020. The Nifty has formed a long bullish hammer candle which is a sign of a further uptrend (still have to wait for confirmation). The nifty is still trading below 20-SMA on daily charts, if it breaches the 20-SMA a strong upward momentum is expected otherwise profit booking may take place. For further upward momentum Nifty has to breach the 20-SMA line and has to close above it on daily charts.
IMPORTANT LEVELS TO WATCH on 15 Min chart
1] Immediate resistance (Yellow line) @ 18088 (more detail on 15 min chart, Nifty has retraced back from that level 3-4 times today and 1 time in October).
2] Resistance and Support Levels are indicated (thickness of the line indicates the strength of that point).
3] INDIA VIX has risen 3.76% to 16.34 which is somewhat moderate, if it falls around 15 a smooth uptrend is expected.
Nifty has consolidated for like 2 hours today on 15 minutes Chart. I expect a further consolidation period unless a major breakout occurs on either side. If Nifty breaches R1 and holds above that level for 30 minutes a further uptrend opens up (expected target 40-50 points) and If it fails to do so the index will drag down to its 50-EMA support (and might fall further to S1).
THSE ARE MY VIEWS AND IS ONLY FOR KNOWLEDGE PURPOSES.
IMPORTANT LEVELS TO WATCH on 15 Min chart
1] Immediate resistance (Yellow line) @ 18088 (more detail on 15 min chart, Nifty has retraced back from that level 3-4 times today and 1 time in October).
2] Resistance and Support Levels are indicated (thickness of the line indicates the strength of that point).
3] INDIA VIX has risen 3.76% to 16.34 which is somewhat moderate, if it falls around 15 a smooth uptrend is expected.
Nifty has consolidated for like 2 hours today on 15 minutes Chart. I expect a further consolidation period unless a major breakout occurs on either side. If Nifty breaches R1 and holds above that level for 30 minutes a further uptrend opens up (expected target 40-50 points) and If it fails to do so the index will drag down to its 50-EMA support (and might fall further to S1).
THSE ARE MY VIEWS AND IS ONLY FOR KNOWLEDGE PURPOSES.
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