NIFTY Futures
Support of 14521 was violated.
On the first attempt, a recovery was seen for a minor pullback to 14900.
Later violated the support of 14521 and close below it.
Further we had the gap and body gap covers at 14351.
On 25/03/21, the gap was closed as closing was at 14324.
On the next day, Friday 26/03/21 a gap up was seen to cross previous day's high.
Higher low and higher high was seen on friday.
But a high wave/stalled pattern candle indicates that another
higher low and higher high with positive candle/bullish candle will be required for swing bottom confirmation.
Lower top is at 14900.
Supply zone is at 14713-14900.
Bulls can get aggressive control once breakout above 14900 is witnessed.
Support of 14261 will be critical.
A fall and close below 14261 will continue the lower top and lower bottom sequnece since the peak of 15430.
On fall and close below 14261 expect slide towards the next swing bottom of 13666 with
demand zone of 13984-13666.
Cluster of support is at 13984-13666
and further at 13155.
Nifty has already seen an 8% correction of the peak.
The 13% correction is around 13666.
The 23.6% retracement of the rise from 10746 to 15430 is already tested
which is at 14320. The low made till now is 14261.
The 23.6% retracement of the rise from March 2020 bottom to peak is at
13538 which is near to last bottom of 13666.
13% retracement of the peak is also around it.
Practically, one cannot get over biased with patterns visisble.
As price is key to all pattern behaviours.
Therefore, falling step by step with price movement and dow theory is key for perception.
The current scenario is of lower top and lower bottom formation since the peak
as correction is underways.
Correction can be in terms of time and price.
Price correction are towards price hitting lower retracement.
Time correction are more towards sidewyas movemen of multiple top and bottom within a defined range.
The current wider range of volatility can be 13666 to 15430.
Violation of support key for down move.
Reversal above the lower top key for new up move to be witnessed but must make a new peak.
Any lower top is trouble and making way down for lower top and lower bottom formation.
The daily chart supply zone 14713-14900 key for reversal but must eventually rally to make new peak.
Even if it breaks out above 14900.
Overlapping must not happen.
Overlapping means correction market for time and price.
Momentum and directional market does not have overlapping.
Support of 14521 was violated.
On the first attempt, a recovery was seen for a minor pullback to 14900.
Later violated the support of 14521 and close below it.
Further we had the gap and body gap covers at 14351.
On 25/03/21, the gap was closed as closing was at 14324.
On the next day, Friday 26/03/21 a gap up was seen to cross previous day's high.
Higher low and higher high was seen on friday.
But a high wave/stalled pattern candle indicates that another
higher low and higher high with positive candle/bullish candle will be required for swing bottom confirmation.
Lower top is at 14900.
Supply zone is at 14713-14900.
Bulls can get aggressive control once breakout above 14900 is witnessed.
Support of 14261 will be critical.
A fall and close below 14261 will continue the lower top and lower bottom sequnece since the peak of 15430.
On fall and close below 14261 expect slide towards the next swing bottom of 13666 with
demand zone of 13984-13666.
Cluster of support is at 13984-13666
and further at 13155.
Nifty has already seen an 8% correction of the peak.
The 13% correction is around 13666.
The 23.6% retracement of the rise from 10746 to 15430 is already tested
which is at 14320. The low made till now is 14261.
The 23.6% retracement of the rise from March 2020 bottom to peak is at
13538 which is near to last bottom of 13666.
13% retracement of the peak is also around it.
Practically, one cannot get over biased with patterns visisble.
As price is key to all pattern behaviours.
Therefore, falling step by step with price movement and dow theory is key for perception.
The current scenario is of lower top and lower bottom formation since the peak
as correction is underways.
Correction can be in terms of time and price.
Price correction are towards price hitting lower retracement.
Time correction are more towards sidewyas movemen of multiple top and bottom within a defined range.
The current wider range of volatility can be 13666 to 15430.
Violation of support key for down move.
Reversal above the lower top key for new up move to be witnessed but must make a new peak.
Any lower top is trouble and making way down for lower top and lower bottom formation.
The daily chart supply zone 14713-14900 key for reversal but must eventually rally to make new peak.
Even if it breaks out above 14900.
Overlapping must not happen.
Overlapping means correction market for time and price.
Momentum and directional market does not have overlapping.
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