Nifty Multi-Time Frame Analysis
I’ll be addressing my view on Nifty based on Daily, Weekly and 75 min time frame.
Above are the trendlines marked, last session candle is taking Support as of now.
Candle although looks weak, as bulls tried to take it up but bears were in control at the end of day.
Range has been marked on Weekly time frame, if you’ll observe in last few months there has been maximum 2 red candles and then market has made a new high, next week will be crucial given we have Budget.
On 75 min we clearly have a downtrend. However i have marked the no trading zone or No action required zone.
Any close above or below will decide the upcoming trend.
Conclusion : Daily, Weekly and 75 Min looks bearish but nothing can be concluded as we have a major event coming up.
Action : I personally would recommend swing traders to stay away and let the volatility settle in.
Also for option sellers you might get juicy premiums but the risk also increases so please keep risk management as your priority.