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Nifty View for Current Week

On the 30 Min chart, a Rising Wedge pattern is formed which is a bearish signal.

Also Nifty is facing resistance from the demand/supply zone (14820 - 14880) which is marked in red. Earlier this zone was acting as support and now it's acting as resistance.

Also a bearish engulfing is formed around the demand/supply zone

Here are two cases that are possible :

Case 1: If Nifty tomorrow opens flat or gap down then it may face resistance from the demand/supply zone and if the rising wedge pattern gives a breakdown then we can see a sell-off and we can see 14700 and 14600 levels soon.

Case 2: If Nifty opens a huge gap up and starts trading above the demand/supply zone then this zone will act as support and we can expect a sideways to uptrend market in the coming days.

註釋

14700 Level seen today (24 March 2021).

註釋

14600 Level also seen today (24 March 2021)

If Nifty remains weak for next week also then we can see 14500 and 14400 levels also.

註釋

14500 level achieved. Now 14400 and 14300 levels can be seen soon.

註釋

14400 level also achieved. Now we can expect a bounce from around 14300 as it's a support area.

Nimish_Ghagare