- Nifty month shows bigger bulls continues to be strong. Bullish structure will remain intact till price stay above 9100 levels.
- Hour is trying to form a bearish Ascending broadening wedge. This is mostly a bearish pattern, The levels for weakness is shown in 15 Minutes chart.
- 15 Minutes chart shown with immediate support levels. Weakness starts below 9600 and 9560 levels.
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- Nifty weekly MACD shown the good smooth signals in first chart and the Second chart shows the challenging part of trading with MACD. The second chart shows choppy signals this is when trader should use other tools or techniques to select good trades. Trading with the trend or the current direction may help traders to select the right trades.
- Nifty daily yet to confirm weakness. Only once price moved below 20 Day SMA. Next close below this line may give bigger gains for Bears.
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- Daily chart shows price trying to move back above 20 Day SMA and closing back below this line. Now More weakness in daily chart if 9075 levels is broken.
- Bigger falls or a Top in weekly chart can form only below 8990 levels. There is small GAP in weekly chart around this zone. Weekly close below this level may lead to a trending move in this time frame.
- Having said that If bulls manage to close back above 20 SMA then bears will be at a disadvantage again.
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- Nifty month Chart trying to make a Historic close.
- 4 Hour chart with ichimoku cloud shows the trend in force. Trend will stay effective till price stay above the cloud.
- Weekly chart shows the 200 Point Range. Price testing the upper end of the Range.
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- Nifty weekly chart staying above 8900 will continue to favour bulls.
- Month candle too shows a bullish March candle so far. March closing above the shaded resistance level will strengthen bulls further. Bears must deny this event from happening to avoid a bigger bullish move.
- Daily chart shows a crucial GAP in chart. If correction continues this GAP can act as support. Bigger bearish possibilities only if Bears are able to close price below this GAP.
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- With today's up move the bearish engulfing formed during last week has become weak.
- Price is currently in a range between 8860 and 8992. Since price is in a range there is equal opportunity for bulls and bears, But price is ranging in an up trend. so this could be another trend continuation pattern.
- March month candle is crucial here. If at any point during this month price falls below 8870 levels many bulls could be trapped at higher levels.
- Weekly chart is looking good for bulls so far. But the Same scenario as said about the month candle applies here as well.
- Day continues to stay inside the rising wedge. A similar pattern in S&P 500 Went through the roof. Price broke above the resistance line. As far as this pattern goes price has taken support at the rising trend line, But continues to stay inside the pattern. Both scenarios are possible here. Bearish below 8870. Bullish above 9000.
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- Weakness is seen in one hour time frame
- Hourly chart shown with immediate support levels.
- Strength resumes if price moves back above 8905 levels
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- Nifty hour shows possible bearish price action from a rising wedge pattern. But bears need to sustain below 8900 levels for bigger falls to happen in their favour.
- Daily too has a bigger Rising wedge But one has to wait few more sessions to understand how this one takes shape.
- Nifty daily chart is testing the recent swing High'
- 4 Hour chart shows a resistance line which is part of a Rising wedge pattern.
- Rising wedges are mostly bearish. But as we are close to historic High's anything is possible. Weakness only if price falls below 8700 levels.
- Nifty week shows a bullish pattern But another dip towards the rising support line is very much possible as price is moving into a stiff resistance zone.
- One has to pay close attention to the month candle. If Feb candle closes higher into the resistance zone then its advantage bulls. Last two attempts into this zone has given bearish month candles as shown with the circles in Month chart.
- crucial levels are shown in the daily time frame. Strength if stays above 8826. Mild weakness if continues to stay below 8826
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- Nifty 4 hour chart shows price nearing the up trend line.
- One hour is still in a sideways range.
- Closing outside the range may lead to a bigger trade in Nifty. As long as the UP trend line holds bulls are in control. Weakness below 8700 - 8715
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- Nifty hour in a range
- 38.2% fib level acting as support
- One negative for bull is that price has fallen below hourly cloud after a long gap. So bulls need to move back above the cloud to regain momentum. Staying below the cloud may work in favour of bears.
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- Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
- Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.
- Nifty 30 Minutes chart shows the bounce from the trend line.
- 50 Hour SMA too is acting as support for now.
- High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
- Bigger worry for bulls only if levels like 8715 and 8672 gets broken.
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- Nifty weekly chart shows price moving towards the resistance lines. It is also showing a contraction pattern which could keep nifty negative to sideways before a big move could come.
- Nifty Month chart shows similar bullish pattern being formed. Price is near the resistance level of the pattern. One has to wait and seen if price gets resisted one more time for another Dip before the larger trend can continue.
- For the day the crucial support level is shown in 15 Minutes time frame. The trend of smaller time frame will be intact as price continues to form HH and HL.
- Weakness only on closing below 8770 levels.
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- Nifty month chart did a Morning start kind of reversal . The negative divergence in daily chart was negated by the bullish formation in Month time frame.
- Price is now entering previous resistance zone between 8810 to 9119.
- Only if price is able to sustain above this zone a bigger breakout can be confirmed. Daily and weekly candles if shows weakness in this zone can lead to a reversal.
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- Nifty daily chart shows negative divergence with MACD Histogram. This is a risky setup for today as volatility is likely to increase because of the News.
- The extreme levels for the Day are 8672 on Top and 8461 and 20 Day SMA as support levels. If these levels are broken on closing basis bigger directional moves in that direction possible in the coming days.
- Week chart shows historic resistance near 8650 levels approx. So a weekly close above this level should give new highs for bulls. For bears its a daily close below 20 Day SMA.
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- Nifty month closing above or near November month candle high's will keep the bullishness intact. This can also complete a possible morning start pattern Although this is not the appropriate place for the pattern It shows further bullish possibility.
- But one warning for Bulls is the Overbought RSI in daily time frame. So further bullish bet from here would be risky one.
- ICICI Bank Price Volume increase before quarterly results.
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