NIFTY
⏺ 4/1 Hourly - Up move if channel break (3) occurs.
⏺ 15/5 min - watch closely watch as it is trading in a downward channel
✅ Support - almost everywhere, 18000,17960 (Big - 2,4)
❌ Resistance - 18090 (1,3,5)
📈 Trend? - Rangebound, but if support or resistance broken, rally to that side is very much likely.
(what this basically means is that you should avoid treading against the trend *whatever it may be* as it will not give you much points)
↕ Market movement - 250-300 pt
❗❗ Watch out for :
--> Rangebound market. If possible, take trade only after either support or resistance is broken with good volume.
--> As said yesterday, if 18090 is broken (5) and sustained above 18100, than rally to 18300 can be seen.
--> Today we saw that Nifty is neither going below purple (2) support nor going above yellow resistance (3). So a lot of buyers/sellers are accumulated in this area.
--> Move after this kind of phase is always explosive.
--> So, if you don't want to be trapped on the other side of the trend, it is wise to wise and enter late than enter early and take a loss.