Update 17th april 10.45 PM
Bullish observations -
After a nice rally till, 9260, Nifty fell sharply and took support near the 23.6% retracement of the entire rally from 7500 to 9260 (marked with Green retracements).
After creating a new high near 9320 today, Nifty continued the Higher Top Higher Bottom formation
Bearish observations -
However after creating a new high, Nifty has now taken a resistance exactly at 38.2% retracement near 9320 (Red retracements) , this is a concern and any upside only possible when Nifty sustains above it. After that 50% retracement is near 9880 and 61.8% retracement near 10450...
Supports - 9120-9050-8950-8910-8860-8820-8800, and then as mentioned below
Resistances - 9250-9310-9330, and then as mentioned below
Unless Nifty sustains above 8800, the bias should be up and one can look at buy on dips with supports in mind.
Cheers...
Hrishi
Hi All,
Hope all is well... :)
Sorry for a delayed post, as was caught up, however, hope you got quick messages on Whatsapp all these days :)
Unlikely HNS pattern on 26 and 27 Mar hourly charts materialized and as per our expectation, Nifty headed down till the targets of 8k. took a support near the 61.8% retracement near 8090 and after creating a low bounced back sharply. (Refer previous post)
After the mentioned resistances near 9040 are crossed, now the next hurdles would be near 9260-9360-9410-9480-9610-9745-10040-10165-10300-10550
Meaningful supports can be 9180-9100-9050-8990-8900-8810-8690-8350-8210-8100-8050
In the meantime a lot of other positives took place -
1. VIX (Volatility index cooled down) which was one of the requisites\
2. Nifty, in spite of the fall, did not break the prior lows and looking like a consolidation taking place, which has broken on the higher side so far
3. On hourly charts, Nifty has broken out of 2 falling wedge patterns. Also a probable Inverted HNS pattern suggests higher targets
4. A clear Higher Top Higher bottom (HTHB) formation on hourly charts and even daily charts...
Concerns -
1. The USDINR, however, though had fallen from 76.24 to around 74.30, has again risen to the new high of 76.55, which is a concern
2. As mentioned earlier, please remember that this rally, based on the pull backs can be followed by even a bigger fall. This possibility can only be nullified if Nifty surpases 10500 and even 11240 levels, which looks like a remote possibility
Cheers
Hrishi
Bullish observations -
After a nice rally till, 9260, Nifty fell sharply and took support near the 23.6% retracement of the entire rally from 7500 to 9260 (marked with Green retracements).
After creating a new high near 9320 today, Nifty continued the Higher Top Higher Bottom formation
However after creating a new high, Nifty has now taken a resistance exactly at 38.2% retracement near 9320 (Red retracements) , this is a concern and any upside only possible when Nifty sustains above it. After that 50% retracement is near 9880 and 61.8% retracement near 10450...
Supports - 9120-9050-8950-8910-8860-8820-8800, and then as mentioned below
Resistances - 9250-9310-9330, and then as mentioned below
Unless Nifty sustains above 8800, the bias should be up and one can look at buy on dips with supports in mind.
Cheers...
Hrishi
Hi All,
Hope all is well... :)
Sorry for a delayed post, as was caught up, however, hope you got quick messages on Whatsapp all these days :)
Unlikely HNS pattern on 26 and 27 Mar hourly charts materialized and as per our expectation, Nifty headed down till the targets of 8k. took a support near the 61.8% retracement near 8090 and after creating a low bounced back sharply. (Refer previous post)
After the mentioned resistances near 9040 are crossed, now the next hurdles would be near 9260-9360-9410-9480-9610-9745-10040-10165-10300-10550
Meaningful supports can be 9180-9100-9050-8990-8900-8810-8690-8350-8210-8100-8050
In the meantime a lot of other positives took place -
1. VIX (Volatility index cooled down) which was one of the requisites\
2. Nifty, in spite of the fall, did not break the prior lows and looking like a consolidation taking place, which has broken on the higher side so far
3. On hourly charts, Nifty has broken out of 2 falling wedge patterns. Also a probable Inverted HNS pattern suggests higher targets
4. A clear Higher Top Higher bottom (HTHB) formation on hourly charts and even daily charts...
Concerns -
1. The USDINR, however, though had fallen from 76.24 to around 74.30, has again risen to the new high of 76.55, which is a concern
2. As mentioned earlier, please remember that this rally, based on the pull backs can be followed by even a bigger fall. This possibility can only be nullified if Nifty surpases 10500 and even 11240 levels, which looks like a remote possibility
3. Moreover, an intermarket divergence between Nifty and Bank Nifty, can be a concern (Nifty created higher highs, BankNifty failed to do that as yet...) No HTHB formation on Bank Nifty...
So, in a nutshell, barring the concern raised by the USDINR, looks like Nifty is set for a rally on the upside further till the mentioned resistances. Based on retracements, ideally the rally can have major resistances near 8630(crossed)-9325-9880-10440.
Hrishi
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