Thread: Technical Analysis of Nifty (8th May 2020)
Detailed Analysis Below:
Detailed Analysis Below:
The Recent price action on Nifty 50 indicates bulls are failing to sustain at high levels and we are witnessing the demand drying up. On the high side Nifty needs to break the barrier of 9500 decisively to regain the upward momentum.
10000 will act as very stiff resistance since in past we have seen nifty took support of 10000 and climbed back to 11000-12000 now as we are below 10000 from couple of months this is going to be a major trend reversal point.
But for now if we are not able to cross 9500 we will break the channel on downside going back to 8800 & 8000.
Few Key Indicators:
- Retracements indicates that we have retraced 50% around 9.8k of downfall from 12.5k to 7.5k.
- Nifty is below 50DMA (9572) & 10DMA (9364) but closely above 20DMA (9210) hence 9200 remains critical for bulls to be in picture.
- Retracements indicates that we have retraced 50% around 9.8k of downfall from 12.5k to 7.5k.
- Nifty is below 50DMA (9572) & 10DMA (9364) but closely above 20DMA (9210) hence 9200 remains critical for bulls to be in picture.
- Middle Bollinger band is placed @ 9200 levels which coincides with the channel support of 9200 this clearly says if we close below 9200 levels further sell off will be triggered.
- Derivatives data shows the range of 9000-9500 for MAY series, but once we break above or below the levels discussed here, this range will shift accordingly.
By @Jackydhanwani
#nifty #trading #technicalanalysis
By @Jackydhanwani
#nifty #trading #technicalanalysis
