NIFTY NOT SASTAIN IN 22905 SO COME DOWN IT MAKE NEW LOW IN 21743 POSSIBLE IT SO COME MORE DOWN IT LOOKS 21300
Based on the chart you provided (Nifty 50 Index, 1-minute timeframe), here’s a detailed technical analysis with target, stop loss, support/resistance, and trade direction:
🔍 Chart Overview (Technical View) Timeframe: 1-Minute (Scalping/Intraday)
Trend: Today’s trend appears bearish early on but showing signs of pullback/reversal as price is rising from the recent low.
Fibonacci Retracement Levels Drawn: From recent swing high (~23,180) to swing low (~22,826)
📊 Key Fibonacci Levels Level Price Description 0.382 23,030 Resistance zone 0.500 22,970.65 Moderate resistance 0.618 22,911.30 Currently testing this zone 0.786 22,826.75 Recent strong support 🔄 Support & Resistance Zones Support: 22,827 – 22,850 zone (Fibo 0.786, recent base)
Resistance 1: 22,911 (Fibo 0.618 – being tested)
Resistance 2: 22,970–23,030 (Fibo 0.5–0.382 and previous consolidation zone)
📈 RSI Indicator (Bottom Panel) RSI has bounced from oversold territory and is around 60–70 level now.
Suggests some bullish momentum for the short term.
🧭 Trade Plan Suggestion Bias: Bullish Intraday (short-term) – cautious since it’s a pullback in a bigger downtrend.
🔼 Long Trade Setup Entry: Above 22,911 (confirm breakout above 0.618 level)
Target 1: 22,970 (Fibo 0.5 level)
Target 2: 23,030 (Fibo 0.382 level)
Stop Loss: Below 22,870 (below support zone)
✅ Risk-to-reward looks favorable if breakout sustains above 22,911 with volume confirmation.
🔽 Short Trade Setup (Only if rejection happens) Entry: If strong rejection candle from 22,911 level
Target: 22,850–22,826 zone
Stop Loss: Above 22,930 (above wick of rejection)
🔁 Today’s Trend Summary Early session was strongly bearish
Now, pullback or short-covering rally in progress
Price at key decision point (Fibo 0.618)
✅ Conclusion Preferred Trade: Bullish intraday if price sustains above 22,911
Confirmation Needed: Break and hold above 22,911 with volume
Watch out for RSI divergence or rejection signs to reverse position
No comments:
Post a Comment