Nifty - Possible Leading Diagonal / Bearish Gartley

31 Jan 2022

The leading diagonal or rising wedge or type-1 diagonal, is a narrowing price move composed of two converging trendlines.

If bottom or lows of 16836 & 16866 holds then Index can push upside tomorrow on account of Budget 2022


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Trading Strategy
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Part A - Mixed Outlook
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Buy Above 17325 - Target 17410 / 17500 - Going into the PRZ (Potential Reversal Zone)

Sell Below 17500 Only if Index halts in PRZ (Potential Reversal Zone)- Target 17260

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Part B- Bullish Outlook
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Finally, Buy If Index halts & takes support at 17075 or look to buy close to 16865- Keep in mind these supports should not be broken.

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Last Idea on Nifty
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1 Feb 2022

Dagangan aktif

10:28 Hrs / 1st Feb 2022

Last @ 17575

Today's session will be most volatile so manage your trades carefully.

Index has crossed the suggested Key level 17530 & violated Gartley pattern & touched new high close to 17600.

Trader's have to be careful here unless Index crosses above 17600 & holds the level- Bulls are likely to book profits.

Any profit bookings before Budget session starts could make Index slip hard downside.

1 Feb 2022

Dagangan aktif

10:37 Hrs / 1st Feb 2022

Last @ 17557

Careful At Tops of 17600 as per latest comment suggested at 10:28 Hrs above

1 Feb 2022

Dagangan aktif

12:09 Hrs / 1st Feb 2022

Last @ 17590 / Current High @ 17622

Careful again at the Tops of 17600 - It could be just irregular push upside making new high at 17622

1 Feb 2022

Nota

12:39 Hrs / 1st Feb 2022

Last @ 17563

Fall was sharp from 17600 & close by levels & dropped to 17500 - which looks like bulls not ready to leave.

So, Any fall below 17500 / 17450 only will be early indication that bears could become aggressive & at present will act as dynamic support.

Look to book partial profits close to 17500-17525 zone at the moment.

Also Remember, Index moving above 17625 - Bulls will add their positions more

1 Feb 2022

Dagangan aktif

1:16 pm / 1st Feb 2022

Last @ 17324

Hope you booked partial profits in the fall close to 17260 which key support

1 Feb 2022

Nota

1:18 pm / 1st Feb 2022

Last @ 17385

Drop started close from 17600 which was irregular push & warned at the top not once but twice / thrice...

Before the fall testing trader's patience



After The Fall & Close to Key Support where partial profits have to be booked as suggested in main update & few mins back

1 Feb 2022

Dagangan ditutup secara manual

1:39 Hrs / 1st Feb 2022

Last @ 17452

Has Index Started - Its Plan B from modified support 17260 approx. Day Low @ 17244.

Any new fall should be considered only below 17245.

Thanks & Have A Nice Week Ahead.

1 Feb 2022

Nota

2:41 Hrs / 1st Feb 2022

Last @ 17577

As a trader never forget supply zone 17600-17622 where Index struggled in morning session. Bulls will come only if Nifty crosses above 17625 or It may drop again to 17260 levels or lower.

2 Feb 2022

Nota

10:35 Hrs / 2nd Feb 2022

Last @ 17722

Careful in 17700-17740 zone if falls & holds strictly below 17700 then Index may slip to 17525 & if 17525 is broken down then 17245 will be the target.

Thanks