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Nifty 50 - At the Law of Averages

Apr 13, 2022

The gap up or gap down openings are such a threat to overnight traders but they offer a great trading setup for intraday traders.

The Nifty 50 index opened with gap-up today and reversed from the technical resistance level of 50HEMA (Hourly Exponential Moving Average).

An icing on cake for intraday traders was the falling channel (black parallel lines in below chart) resistance placed at 17,700.

 

The index is stuck between the 50HEMA & 200HEMA with multiple gap support & resistance.

Additionally, the breakout from channel will now act as a deciding trend for next week.

Relative strength index (RSI) in the lower panel is resisting at falling trendline. Any move above 60 on RSI may trigger bullish range shift.

For intraday traders, the gap is filled at 17,530 level and the momentum may shift back to the higher levels towards 17,600-17620 zone.

The open interest structure indicates the rangebound day between 17,472-17,639 levels.

At present, the Nifty 50 is trading at 17,535. ONGC and UPL are leading the pack while Asian Paints and Dr Reddy's Lab are the top losers.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setup, join my telegram channel - Fast Profits Daily.

You'll get access to the best trading ideas in the stock market.

To know more about how the Nifty and Bank Nifty index are performing, please see the NSE Nifty Live Chart and NSE Bank Nifty long term chart.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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