NIFTY READY FOR CORRECTION: BOOK PROFIT

20 Mar

SCRIPT: NIFTY CURRENT CONTINIOUS FUTURS
Timeframe: Daily
Important Support and Resistance Zones:

Resistance Zone: 23,170 - 23,240 = 70 points (supply zone)
Support Zone: 22,910 - 22,825 = 85 points (Demand Zone)

Today's High: 23,232.60
RSI: 59.08

As per past data, we can observe, price has corrected from mentioned supply zone and importantly when RSI has reached 60 mark on daily timeframe.

Here, there are several factors joining hands to correct Nifty in coming days.

1) Nifty reaching its supply zone
2) RSI near to mark 60
3) Past 4 days Nifty is rising continuous

Takeaway:
Yesterday's Close: 22972.95
Today's Close: 23,191.00
Difference: 259.65
Half the Difference: (259.65/2 = 109.025)
Subtracting from Today's Close: 23191.00 - 109.025 = 23081.975

Now, If price crosses this level in coming days, we can expect further fall in Nifty.

Target Condition: Price must cross 23,081 level in coming couple of days. If so,

Target Price: We will see further correction in Nifty till our Support Zone which is at
22,910.00 - 22,825.00
Expected Time: Approximately 7 to 12 Days from today.

25 Mar

İşlem aktif

Update:
As mentioned today Nifty Started Corrected.
Can Book Profit Now!!