hitendravasudeo

 Dated 30/03/2023. BNF appears to show falling wedge and to be confirmed if sustains above 39957 and provide further breakout above 40273. It must also not fall below 39348. Further consolidation has to be above 39348 in order to provide the breakout above 40273. Subsequently could scale up to the gap for resistance. Resistance gap is at 41050-41368. If breakout is successful, then expect rise towards to resistance gap.

 Dated 29/03/2023 NIFTY MARCH 2023 contract expired and exhibited lower top and lower bottom formation. Lower top are marked with T on top of circles. Lower bottoms are market with B below the low of the circles. Near term range for Nifty now is 17238 to 16866. Reversal process can resume if C1 chart and April contact sustains above 17238 on closing. First it will be a pullback of the fall from Lower top of 17863 to 16866. In April contract chart, the lower top is at 17330. April contract closed at 17213 with bullish candle on expiry day of March 2023. Volume chart to rise in April 2023 contract as it become active. Volume of 29 March 2023 in April 2023 contract is highest therefore low of the same day 17052 will be critical for near term trading perspective. Downside movement and momentum will continue if sustains below open of the day every day and henceforth for near term and below 17052. The range in April contract is 17330 to 16964. Breakdown in April 2023 contract will be bel...

Dated 28/032023  NIFTY 16700 critical support NIFTY has been in down trend since 15 December 2022. RSI moved down below 55 mark on 15th December 2022. Dynamic Trend Down as well since 15th December 2022 closing of 18467. Nifty even since 15th December 2022 has been forming a lower top and lower bottom formation. Lagging Trend has been down trend since 23rd December 2022 closing of 17863. A combination of Dynamic Trend and Lagging Trend has lead to a slide to current levels. Support critically is at 16700. Nifty needs to hold the level of 16700 for time to come. Reversal process can resume if close is above the lower top of 17280 on daily chart. Tight trading stop loss for short position can be at 17125 for traders already in short position. However objective still remains to exit long and sell on rise to 17142 or above till 17280 is not crossed on daily chart. Monthly Chart Lower high and lower low has been seen for last 3 months since January 2023 with negative and bearish candle ...