NIFTY intraday setup as on 21/01/2022 on chart clearly shown some technical indication .
last 2-3 trading session nifty seen sharp fall after 18350 level where you can see Death crossover of moving avg . effect of that nifty sharply fall further towards 17670 sub level today and last 1 hour take support, at that level 1 bullish green hiekin ashi candle form on hourly chart..which indicate Tomorrow may be some consolidation first 1 hou,r if that support hold then nifty will be trading upside to 17800-17850 level. resistance upside can seen at 17950 level.
if nifty does not hold and breakdown 1st 1 hour can fall towards 200 SMA at 17570 strong support . so downside target 17570 and upside target 17850-17950 is trading zone of nifty tomorrow 21/01/2022.
HAPPY TRADING. !!
last 2-3 trading session nifty seen sharp fall after 18350 level where you can see Death crossover of moving avg . effect of that nifty sharply fall further towards 17670 sub level today and last 1 hour take support, at that level 1 bullish green hiekin ashi candle form on hourly chart..which indicate Tomorrow may be some consolidation first 1 hou,r if that support hold then nifty will be trading upside to 17800-17850 level. resistance upside can seen at 17950 level.
if nifty does not hold and breakdown 1st 1 hour can fall towards 200 SMA at 17570 strong support . so downside target 17570 and upside target 17850-17950 is trading zone of nifty tomorrow 21/01/2022.
HAPPY TRADING. !!
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at 9.15 am nifty testes 17570 ..and bounce back lts see this support hold rest of the day !
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Nifty turn from bearish to neutral since went above trend line on hourly chart ,, to turn bullish ..should form a bullish green candle next 1 hour. !
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Double bottom formation at 200 SMA on HOURLY CHART seen now. seems nifty bottom out today around 17550-17570 . ! AT 11.10 am
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EDUCATIONAL TIP --what is trend reversal .
once trend has been set either bullish or bearish trend reversal happen into opposite trend direction for that some technical sign we can see for this reversal .. e.g. if nifty fall sharply 500 points from high then at bootm its gives some sign for reversal to bullish again like support, double bottom formation, moving avg cross, resistance breakout candle through which we can understand trend reversal. same case upside double top, death cross, rejection at resistance we can predict nifty will fall from top level.
once trend has been set either bullish or bearish trend reversal happen into opposite trend direction for that some technical sign we can see for this reversal .. e.g. if nifty fall sharply 500 points from high then at bootm its gives some sign for reversal to bullish again like support, double bottom formation, moving avg cross, resistance breakout candle through which we can understand trend reversal. same case upside double top, death cross, rejection at resistance we can predict nifty will fall from top level.
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to see reversal on chart we have to set time frame 15 min, 1 hour for short term trend and 1 day for long term trend
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candle breakout downside ...sleeps bellow trade zone.. crucial support 17500
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Good bounce seen around 100-150 points from 17500 Overall very volatile day. expected bearishness but last hour bounce seems some positive about the day,
where nifty will decide to go. !