In the Chart Yellow line are Gaps and Blue lines are Gaps those have to be filled yet, as per Gap theory every gap will act as Support & Resistance so please initiate or take positions accordingly and Violet line's are for Channel. Apart indicators Price action at these junctions gives us more action if we take a trade based on Pin bars. Purely Educational Purpose before initiate a trade please do your own research...
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As Per Wave Theory / Dow Theory Price has to Retrace to Support and then it will bounce back to new high breaking recent resistance (Price action) my personal view expecting 300 points minimum retracement from resistance of Channel given in chart...
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As per Global Clues We are Heading on Upperside please check as i noticed Negative Divergence in RSI So trade accordingly...
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Exactly got reversed from 10159.35 i.e., Double top and Making a Pinbar in Hourly & Daily Time frame so be cautious on Longs...
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Until it Breaks 10159.35 and gives a close i am expecting correction ...
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Any chance of Gapdown tomorrow will Make Nifty Bearish...
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Nifty is About to enter Bearish zone below 9940 till then its a Range bound so please be cautious
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As Expected Nifty got Rejected from 10300 levels and now it has to Break 10000 Levels and 9940 for More Bearishness to Continue its only my view...
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Finally Nifty will fill gap at 9500 and even slide lower it's only my view
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Update Successfully Done and taken support and feel may go till 10450 its my view only
This one gap may fill & on weekly expiry also there is positive movement which helpful to fill it
gttsudhakar
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@hedarohan, chances are in favour of Bulls as there is trend line break out even open intrest is suggesting 10300+ better be cautious as this is Market only the thing we can predict but not say sure ... ( if no negative news)