Nifty has made an inside candle or bearish harami on daily TF. It faced resistance from the trendline joining the major two swing highs and currently close to the upwards sloping support trendline.
Scenario 1: NIfty might cross the downwards sloping trendline. This will indicate the current trend is intact and could possibly lead to a good rally. Wait for a retest of trendline and go long. Possible next target areas are 18260 and 18340.
Scenario 2: - 18010-18050 is a strong support zone. Two possible ways downside movement can play out is either NIfty first retests this region and then goes up and then breaks it. Or it can break and then retest and then continue further downmove. Possibility of reaching 17930 in both cases as target.
18010-18050 is the 38.2% area of the current upmove and hence should act as good support.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.
Scenario 1: NIfty might cross the downwards sloping trendline. This will indicate the current trend is intact and could possibly lead to a good rally. Wait for a retest of trendline and go long. Possible next target areas are 18260 and 18340.
Scenario 2: - 18010-18050 is a strong support zone. Two possible ways downside movement can play out is either NIfty first retests this region and then goes up and then breaks it. Or it can break and then retest and then continue further downmove. Possibility of reaching 17930 in both cases as target.
18010-18050 is the 38.2% area of the current upmove and hence should act as good support.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.