Nifty analysis for 20 Aug

20 Ağu 2020

Nifty on 19 Aug opened gap up and as shared in the previous post, 11450-11460 acted as a resistance n the correction went on for the entire day with Nifty being range bound .. as can be seen, flat correction happened on 19 Aug, n it in itself is a sign of bullishness .. however, another important aspect to note is that, not a single candle, even in 5 min timeframe managed to close above days high (sign of weakness) .. hence i feel that the correction is not complete yet n will be a combination pattern, flat followed by X n a zig zag or a double zig zag .. if Nifty opens flat or gap down expecting an initial rally till 11450 levels n further correction from there .. support is as marked on the chart .. if Nifty opens gap up, above the resistance zone, expecting the bull run to continue further
Please note that views expressed by me are purely personal and for educational purpose only and not to be used as a guide for trading

20 Ağu 2020

Not

Mkt bottom reached at 11292 .. not expecting anymore downfall from here