Nifty 50 Analysis for this week in Daily timeframe -
1. Nifty is still in uptrend till it sustains below 18400.
2. 18400 is a major Support zone as from this level only move to 18600 started.
3. We are seeing consolidation going on.
4. 3 up moves to 18210 before going down to 17688 level again.
Change in structure, means sellers were not ready to sell lower like earlier. They were waiting for higher prices to sell, so we had 3 up moves before nifty again tested 18688.
Most likely we will again see -
1. Shorts booking profit around 17600, that means buying.
2. Sellers waiting for higher prices to sell around 18200, that means selling drying up, again likely up move.
Trade Setups -
1. Look for buying setup around 17600 - Breaks 18600 and reverses - go long above break candle.
2. Short - only if it sustains below 17400.
3. 17400 - 17600 - Do not short here - multiple demand levels here.
1. Nifty is still in uptrend till it sustains below 18400.
2. 18400 is a major Support zone as from this level only move to 18600 started.
3. We are seeing consolidation going on.
4. 3 up moves to 18210 before going down to 17688 level again.
Change in structure, means sellers were not ready to sell lower like earlier. They were waiting for higher prices to sell, so we had 3 up moves before nifty again tested 18688.
Most likely we will again see -
1. Shorts booking profit around 17600, that means buying.
2. Sellers waiting for higher prices to sell around 18200, that means selling drying up, again likely up move.
Trade Setups -
1. Look for buying setup around 17600 - Breaks 18600 and reverses - go long above break candle.
2. Short - only if it sustains below 17400.
3. 17400 - 17600 - Do not short here - multiple demand levels here.
