Nifty50
Today, Nifty broke its intraday support of 21670 and closed near 21600. As we discussed yesterday, once the Nifty broke 21750, the next downside targets were 21670 & 21600 which came today. Nifty’s most important daily support is 21470-500 which was respected multiple times in the past. I have identified a Harmonic XABCD pattern in the one hour candlestick chart which shows a target of 21300 and an extended target of 21030. If Nifty breaks 21470-500, it is possible that Nifty retests 21000.
India VIX is above 16 means increased volatility. So there are sudden spikes in the index which increase the stop losses. Even if we trade with the trend, the stop losses are 30-40 points in Nifty. So experienced scalpers can make quick money from the market now. Option sellers also suffer due to these sudden spikes as their stop losses are also high. So scalping is the best technique in these types of zig zag, volatile markets.
Bank Nifty Future
Bank Nifty Future filled a gap today which was formed on 29th January. Bank Nifty Future is down by 800 points today. ICICI, HDFC Bank and SBI shares showed profit booking. 44800 is the immediate support while 45200 acts as resistance.
NB: We do not provide financial services or investment advice. All the information shared in this article is solely for educational and learning purposes and the view of the author only.
