Nifty Hourly Chart

Has the Breakdown Happened ?

Nifty hourly chart is shown below where i have marked the support areas. 5393 was one Support the most important support will come near 5365-70 range if this get broken and sustained we will see a momentum fall.

 

Hourly Indicators are in Oversold zone and Rallies till 5455 should be used to short.

 

Nifty Fibo Chart

As per Fibo chart 5393 was 23.6 % retracement and Nifty took support gave a bounce.

Now on Higher side we are having resistance @ 5434 and 5455 levels which should be used for shorting at rallies.

 

Nifty Weekly

Weekly closing will be important today, 5440 levels is Weekly trendline which if we cover up BULLS still have hope for recovery.

If we break this and 5365 Bears will have a GALLA time.

So watch out for 5440 level.

 

Levels for Todays Trade

Buy above 5411 Tgt  5432,5447 and 5470

Sell below 5388 Tgt 5375,5353 and 5330

Levels mentioned are SPOT

 

Market always follow the path of least resistance and always go against the crowd mentality.

Remmber this line will help you a lot to improve your trading 🙂

STAY DISCIPLINED