NIFTY Technical Analysis Report – 23-09-2020
Daily Chart (11149)
HISTORICAL PRICE ACTION ANALYSIS
Short Term Trend: Upward
Long Term Trend: Upward
Range: 7536 to 11731
Buying Pressure: Above 9694
Resistance: 11515, 11636, 11731, 12095, 12352, 12994
Support: 11134, 10574, 10326, 9980, 9694, 8975, 8045, 7536, 6971, 6465, 6138
Movement in the past few weeks: Upward
Movement in the past few days: Sideways Range
EXPECTED FUTURE PRICE ACTION
Reversal Expected/ Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 11731 to 6138
Expected Buying Pressure: Above 11731 and 12352
Expected Selling Pressure: Below 11132 and 11022
Trading with proper stop loss (may be in between 100-150 points) depending upon the volatility and other factors may limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger may drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level and any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
Short Term Trend: Upward
Long Term Trend: Upward
Range: 7536 to 11731
Buying Pressure: Above 9694
Resistance: 11515, 11636, 11731, 12095, 12352, 12994
Support: 11134, 10574, 10326, 9980, 9694, 8975, 8045, 7536, 6971, 6465, 6138
Movement in the past few weeks: Upward
Movement in the past few days: Sideways Range
EXPECTED FUTURE PRICE ACTION
Reversal Expected/ Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 11731 to 6138
Expected Buying Pressure: Above 11731 and 12352
Expected Selling Pressure: Below 11132 and 11022
Trading with proper stop loss (may be in between 100-150 points) depending upon the volatility and other factors may limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger may drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level and any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
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