Nifty started with gap down on 15th November and closes with larger black
candle and from then continues closing below previous day closing so we can
assume that in the previous week there was no sign of recovery or dead cat
bounce or trend change in even for intraday purpose so previous week was
totally based on sell on rise strategy, there is no benefit talking about previous
week but technical analysis is totally about on previous data forecast future so i
tried to analyse what should be better strategy for next week , first of all i would
like to go in 15 minutes chart analysis of nifty if nifty closing sustain above 8123
then intraday traders can go for short term buy as they know that nifty is holding
8000 . now lets go for hourly basis if nifty closing sustain above 8200-8250 in 60
minute chart then it can go up to 8400-8450 if closing sustain above these all
levels then trend will be reverse for week. this could be totally buy on dip strategy
Now i would like to analyse against this strategy, if nifty continues trading like it
moved like previous week then we should use sell on rise strategy and it could
be executed with all the bounce back which is mentioned in 15 minutes and 60
minutes chart.
Finally i would like to conclude that this is make and brake point so both strategy
can be used either buy on dip or sell on rise but but kindly use one strategy at one time.
Remain in trend and trade according your levels this is not for trading purpose .
Closed @ 8074
EMA 20 @ 8398
EMA 50 @ 8526
EMA 100 @ 8481
Resistences: 8261,8434,8607
Supports: 8033,7800,7718
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