Using Heikin Ashi Strategy - On a daily timeframe, Nifty was in a downtrend and formed a red Doji last week. On a weekly timeframe, Nifty formed the first two candles of Heikin Ashi downside. So, this week waiting to see if it continues the downtrend or reverses from this level.
Major Support and Resistances are highlighted in the chart with blue bars. Though Nifty has shown enormous strength, FIIs selling and Global cues are weak indicating possible downside.
Volume Profile from recent highs show that POC is at 17000 level and selling till 17200 gap and selling pressure at all the levels. Nifty has 50% retracement from its recent lows at 16640 level which is also a unfilled gap zone. Last Friday, it tested the 16747 level but shot up due to positive RBI Meeting Output.
Overall, Nifty trend is bullish and it formed Flag and Pole Pattern, trading between 3000 points range of 15300 to 18000. As per current analysis, any fall towards 16200 can see major buying support and any upside towards 17900 might see major resistance.
P.S. This is just my view per chart analysis and not any trading advice.
Major Support and Resistances are highlighted in the chart with blue bars. Though Nifty has shown enormous strength, FIIs selling and Global cues are weak indicating possible downside.
Volume Profile from recent highs show that POC is at 17000 level and selling till 17200 gap and selling pressure at all the levels. Nifty has 50% retracement from its recent lows at 16640 level which is also a unfilled gap zone. Last Friday, it tested the 16747 level but shot up due to positive RBI Meeting Output.
Overall, Nifty trend is bullish and it formed Flag and Pole Pattern, trading between 3000 points range of 15300 to 18000. As per current analysis, any fall towards 16200 can see major buying support and any upside towards 17900 might see major resistance.
P.S. This is just my view per chart analysis and not any trading advice.