Nifty montly chart analysis for Month of April 2024.
Actualizado
Nifty is around the ATH and there is profit booking at the higher levels.
The market is spending time near the high and last week too it has test the ATH. Seller are there in the higher levels and closing of the weekly candel is dicey.
Higher time frame is showing some RSI bearish divergence and market is forming grave stone doji on the daily charts.
Monthly charts has not formed a red candle still and is forming doji after doji which still shows no clear bearish indication. But the price is trading on the higher levels of the bollinger band.
Market participants be cautious as there seems to be a bearish month ahead.
This being the election year may remain volatile till the election results. Spike may be seen in this month or the next one either side.
Trend is still bullish and doji on the higher levels may indicate a reversal after a price action formation.
This month was a volatile one and market didn't settle either side. There was days when market has moved more than 400 points.
Last day move, is the only trending move in last 2 weeks, closing 180 points lower from the day high.
Price action is needed to be formed around the higher levels on higher time frame to confirm the trend.
The market is spending time near the high and last week too it has test the ATH. Seller are there in the higher levels and closing of the weekly candel is dicey.
Higher time frame is showing some RSI bearish divergence and market is forming grave stone doji on the daily charts.
Monthly charts has not formed a red candle still and is forming doji after doji which still shows no clear bearish indication. But the price is trading on the higher levels of the bollinger band.
Market participants be cautious as there seems to be a bearish month ahead.
This being the election year may remain volatile till the election results. Spike may be seen in this month or the next one either side.
Trend is still bullish and doji on the higher levels may indicate a reversal after a price action formation.
This month was a volatile one and market didn't settle either side. There was days when market has moved more than 400 points.
Last day move, is the only trending move in last 2 weeks, closing 180 points lower from the day high.
Price action is needed to be formed around the higher levels on higher time frame to confirm the trend.
Comentarios
The market in not showing strength in a up move as it is being seen on the charts.
On weekly charts, the RSI is dropping and the price is moving upward in every swing. It shows a bearish divergence in the charts, giving a shorting opportunity in the index.
It has been holding on the higher levels but the negative candles are huge in size as compare to the green one.
A single week candle is taking a toll at 3 week work by the buyers and another 3 weeks are taken to get to the previous high.
Bearish move in a the market is expected and weekly close in required for carrying a position for a positional to swing trades.
There will be a double confirmation in the bearish trade as there will be a M pattern or a double top formation on the higher time frame and anything below 21800 can be seen on a negative side.
Wait for entering the trade at a good levels and carry in to capture the move.
Comentarios
The weekly candle is showing some negative momentum as it has taken out the lows of previous two candles.
Nifty has given 1.87% or 420 points fall this week. It has almost tested the 20 ema on the weekly charts and from here there are chances of taking a support.
If the moving averages is breached and this weeks candle closes below the support zone, it can retest the lower levels around 21300 levels.
Major support level :- 21800, 21320
The index is taking consolidating in a range and a break out or break down can give a nice momentum.''
Wait for the market to form a price action near the levels before entering the market.
:)
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