An index analysis idea after many many months.
Reason:- Today, we saw a short covering 400 points up move in Nifty with an ATH closing.
What is the chart speaking now?
Nifty has given daily closing above 22800 which was a strong supply zone.
23000 is a psychological resistance in Nifty now.
As from chart, it is clear that our dear Nifty is trading in a channel and 23100-23150 is the next supply zone. If we see a consolidation near 23000, we might see this resistance getting broken and strong bull run till 25000 should be expected.
However, there are high chances of bull trap getting formed in this zone , especially 4th June being an eventful day which is just 2 weeks away from now. I am expecting a highly volatile market till June end.
Reason:- Today, we saw a short covering 400 points up move in Nifty with an ATH closing.
What is the chart speaking now?
Nifty has given daily closing above 22800 which was a strong supply zone.
23000 is a psychological resistance in Nifty now.
As from chart, it is clear that our dear Nifty is trading in a channel and 23100-23150 is the next supply zone. If we see a consolidation near 23000, we might see this resistance getting broken and strong bull run till 25000 should be expected.
However, there are high chances of bull trap getting formed in this zone , especially 4th June being an eventful day which is just 2 weeks away from now. I am expecting a highly volatile market till June end.
Komentar:
AS explained, 23100 is a supply zone. Be cautious as typical bull trap setup is formed.
Komentar:
Nifty will test previous ATH breakout zone of 22800-22850. If a reversal candle is seen near this, we can expect move again till 23170-23200
Komentar:
Hope you were cautious
Komentar:
What an eventful day after exit polls! 700 points up.
Komentar:
Exactly the bear trap which I was expecting for. Very very volatile market
Komentar:
We are still in the channel. Hope you are riding the volatile market safely.
A daily closing above 21750 will be a signal for bigger correction. .A weekly closing above 23100 will indicate continuation of bullrun
A daily closing above 21750 will be a signal for bigger correction. .A weekly closing above 23100 will indicate continuation of bullrun
