Nifty on major support of trendline - April Month analysis
Hi guys,
Today's expiry session was very much volatile but one would have managed this volatility if he would have known where are the major supports of trendline in short time frames.
Although today the expiry happened on the major support of Trendline A & B. Both the trendline played as a major support in Nifty. However, If you zoom in it just expired exactly on the trendline. For the past weeks trendline C has also acted as a good resistance and you should keep this in mind once Nifty goes above 15000.
If on the daily time frame, Nifty manages to close below the trendline A & B then we'll see more fall in Nifty to 14000 and below.
Also I have a bearish view in Market as of now as the major bullish trendline is broken. It can go to retest that trendline and then again falls down. So, I am not holding any cash positions for short term, and I will only buy until & Unless trendline C is not broken.
Today's expiry session was very much volatile but one would have managed this volatility if he would have known where are the major supports of trendline in short time frames.
Although today the expiry happened on the major support of Trendline A & B. Both the trendline played as a major support in Nifty. However, If you zoom in it just expired exactly on the trendline. For the past weeks trendline C has also acted as a good resistance and you should keep this in mind once Nifty goes above 15000.
If on the daily time frame, Nifty manages to close below the trendline A & B then we'll see more fall in Nifty to 14000 and below.
Also I have a bearish view in Market as of now as the major bullish trendline is broken. It can go to retest that trendline and then again falls down. So, I am not holding any cash positions for short term, and I will only buy until & Unless trendline C is not broken.
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