Nifty in Previous week do not able to break weekly high . Please check out my previous week analysis.
I will explain nifty support and resistance from high time frame weekly to hourly on top down structure.
WEEKLY TimeFrame (Blue Line)
Daily Timeframe(Orange Line
Hourly Chart (Purple Line
I will explain nifty support and resistance from high time frame weekly to hourly on top down structure.
WEEKLY TimeFrame (Blue Line)
- Nifty not able to close above 18114 for 2 time in last 4 week. It shows nifty has strong resistance at that level
- Nifty last week candle completely overshadowing previous candle. If you merge last 2 week candle it look like shooting star candle
- Blue line represent support and resistance for the same.
- Personal plan: Looing for short opportunity instead of fresh buy will only be bullish above 18114 daily closing
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Daily Timeframe(Orange Line
- Nifty Daily has clear divergence can be seen in red trendline
- Clearly see nifty is making "M" kind of pattern which is bearish
- Box in purple clearly shows it may be distribution at top happening . Box break can only confirm the same.
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Hourly Chart (Purple Line
- Hourly support and resistance shown in the chart
- Multiple confluence at Resistance 17800 and 17350-400 level
- RSI is 27 so expecting small bounce till 17800-867 Will look to short at this price as 17980 as resistance
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