Nifty analysis for 23/05/19 (Election Special)

Nifty has closed 3 days above red line. So upward breakout is confirmed. But day before yesterday it has posted pattern like bearish engulfing pattern, which is downward reversal pattern. Yesterday's dojji has added some value to it. So nifty may come down to taste support on red line which is placed at 11620 for today. Also gaps are usually filled before market moves in the direction of prevailing trend. So we should watch for that. Else it may try to taste all time high of 11883.55. Lets watch.

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Nifty analysis for 13/05/19

Nifty closed below green line for 2nd day. But also it posted high above green line. So today's candle is very important. If nifty closes above green line, then there are chances of upward correction. Otherwise it may go further down. So watch today.

Nifty analysis for 10/05/19

Nifty closed below green line but formed a dojji. To confirm this lower breakout nifty has to close below green line for two more days. Else it has to close above 11305 to reenter in channel. Let us watch for that.

Nifty analysis for 09/05/19

Another red candle and nifty lost 138 points. Now I have drawn a resistance line and support line. Nifty has closed on support line. Today's value on support line is 11323. If nifty post low higher than this today then it may reverse and start moving towards red line. Else it may go down further.

Nifty analysis for 08/05/19

Nifty opened up and went up to 5 DMA line but got resistance at that point and reacted sharply to post loss of 100 points. Actually from day's high it lost 173 points. So for the second time it has reacted from all time high. Total fall is 372 points. But of course this is correction and corrections are always healthy. So let us wait for getting confirmation of end of this correction with the help of #share #analysis #software.

Nifty analysis for 07/05/19

Nifty opened with lower gap and posted dojji means indecision. Gaps are normally filled before share moves to previous trend direction. So watch for that.

Nifty analysis for 06/05/19

Nifty posted slightly bigger upper leg dojji. It also closed below green line but very close to it. As I posted yesterday it may likely go down but banknifty posted handsome gain. So nifty's down move may have arrested. Let see tomorrow whether bank nifty continues its rally or not?

Nifty analysis for 03/05/19

Nifty posted another dojji but with bigger upper leg. These 2 candle indicates undecision. Yesterday's candle closed on green line. So it may break green line and start going down. Lets see.

Nifty analysis for 02/05/19

Nifty posted low below green line but bounce back sharply forming long lower leg dojji. Thus correction is still going on. Now again nifty may go to red line. This is actually best period for intraday trading but general investor should stay away from this phase till we get breakout.

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