Nifty 14 July 2021 : Once again 15850 to 15900 will be the zone resistance. Breakout in any direction to come sooner.

 

Good Morning Friends, 

What we saw yesterday was another bounce which came as as a reaction from near to support of 15600 levels. Have a look on above hourly chart which shows that market may face resistance in the zone of 15850 to 15900 levels. This is another swings in current trading range of 15600 to 15900. 

It is very hard to say when will this range breaks but it should happen very sooner now. This is going to be very interesting. I advise caution from long trades and it can truncate at higher levels again. I am expecting a down day today. 

Happy Trading, 

Praveen Kumar

NIFTY 12 JULY 2021: Meaningful support is still at 15600 with upper side resistance at 15800-15900.

 

Good Morning Friends, 

Today is first trading session of the week. We saw some revival on Friday from lower levels but this recovery is not as strong as past few recoveries from same levels. We can able to see multiple swings on chart in 15600 to 15900 zone. 

What I expect for today is a firm opening with support at 15600. My first watch point is 15750 levels. I will not prefer to trade long on Index from higher levels for today. We already saw too many swings in this zone ad now traders may be tired of this levels. This can result breakout of the zone. 

I am lot intended for breakout trade 

Let us see when it comes.

Happy Trading, 

Praveen Kumar

NIFTY 09 JULY 2021 : Nifty to retest support of 15600 and then it will turn decisive.

 

Good Morning Friends, 

I must say that this fall came with lots of warning. What's next for today?

Do not misconclude from heading that I am betting on recovery. It is a possibility and I would like to see reaction at 15600. What I mean to say is that 15600 is decisive support and some relief may emerge. (or may not). 

If it breaks 15600 then we can expect fall towards 15460. Final medium term support is at 15300 levels. Somehow momentum is shifting. Everytime some sector, some stock come to save but overall buying remains dull at top. 

I will opt buying with lots of terms and condition. Means only if reaction and pattern will appeal to bulls. In the absence of such indication, it is safer to stay away. 

On higher side, resistance will be at 15800. 

Happy Trading

Praveen Kumar

NIFTY 08 JULY 2021 : We are again on decisive resistance zone. Safer side - wait for 15940 - 15960 crossover

 

Good Morning Friends, 

Above is hourly chart of Nifty. We can able to see two reverse H&S pattern. We can have two outcome above pattern. 

1) Draw a N Line- I am picking some safer side as 15940-15960 zone. If Nifty can cross above those resistance then we can expect a strong rally. Can you believe that a good crossover can give 16500 on Nifty. 

2) Second outcome is the reaction from N line. In that case, Nifty can fall again and it may again test 15600.

I have conviction that sooner or later Nifty may break higher. Only point of concern in volatility contraction. This may not give you to trade long now but surely it is a good indication for rise. Well but time will come only on cross over. 

Happy Trading