Nifty Analysis for 11th Nov

10 בנוב׳ 2021

NIFTY

⏺ 4/1 Hourly - Up move if channel break occurs.
⏺ 15/5 min - watch closely as it will be trading in a channel (18000-18055)

✅ Support - 17960, 17850
❌ Resistance - 18090 (1,3,5)

📈 Trend? - Rangebound, but if support or resistance broken, rally to that side is very much likely.
(what this basically means is that you should avoid treading against the trend *whatever it may be* as it will not give you much points)

↕ Market movement - 250-300 pt

❗❗ Watch out for :

--> Rangebound market. If possible, take trade only after either support or resistance is broken with good volume .
--> As said yesterday, if 18090 is broken and sustained above 18100, than rally to 18300 can be seen.
--> Rangebound market will eat your premium if you are a buyer.
--> waiting for retracement is always better than diving in.
--> wait for a candle to close before deciding that it is a confirmatory candle.