( Invest With Prudence. )
Short Term View.
As per the charts above
Nifty hrly chart, from the last 3 candles, is respecting the Pitchfork support. ( See the red box in the pic )
While the Ichimoku suggests that the range bound activity may continue from the Red horizontal support to the 3rd Blue Horizontal Line ( Just below the Green Arrow )
A break below the red horizontal line ( just below the red box ), will act as the last resort for the current scenario. A valid BO below it can lead to further downside and we may witness the Indian Benchmark Index falling down to the next levels being :
- Bottom line of Pitchfork.
- Previous Low
And if the downside still persists and Nifty spot gives a valid BO below 11,080……then a big fall is on the cards.
While for the upside , once Nifty is able to pass the Ichimoku range, as explained above, then the above two Dark Blue horizontal lines will probably act as the next targets.
I am not a SEBI registered Investment Adviser and my accuracy is not guaranteed. My posts are my personal views and for information / educational purpose only.
Therefore, kindly, do your own research or consult your adviser before trading or making any investment.
I am a Trainer & Mentor, for those who wish to learn Technical Research in Capital Markets. My ambition is to make you self – sufficient, by teaching you from Basics of Technical Analysis to High Probability Trade Setups, so that you gain expertise and make money / create wealth for yourself.