https://ganninsides.com/2024/05/03/nifty-is-getting-uncomfortable-at-highs/
As posted on last FRIDAY when INDEX printed a fresh record high and registered a sharp INTRADAY REVERSAL, I discussed on 3 key points.
Lets again revisit them.
1, listen the MARKET message.
3 reversal bars in last 25 days from its major gann angle resistance of 22776 is giving us a very important signal on the next potential direction on INDEX which could be on downside.
Lets see, what actually triggers that,
ongoing elections could be one of those excuse, or something external on geopolitical front, whatever it would be, reasons wont matter.
We only require a trigger which drags INDICES below their ultimate supports!
2 6th,MAY would hold a greater significance for all MARKETS
As noted couple of times during last week date of 6th,MAY was very significant specially the intraday lows of 6th would be considered as a key pivot for next several days!
On NIFTY we have broken mondays low convincingly hens no surprise that it is drifting lower in a staggered manner.
but on S&P mondays low is still intact so as long as that is holding we would have to rule out an immediate collapse.
if we are looking for major supports to break on NIFTY then global markets too have to turn lower.
Just to get primary indications for a reversal we would be closely watching for mondays intraday lows!
3, 22300 happens to be a pattern support on PRICE front
As we discussed on last Friday 22300 was a key pattern support a break of that level has opened up downside target objectives of 22100 and 21865 on spot.
On expected lines index is moving down towards 22100.
This move lower would be slow compared to the decline which we saw from last Fridays high.
Resistance on upsides are placed at 22600.
This break still is not sufficient to trigger a medium term reversal on NIFTY.
Thats still placed below 21700.
Now having that support from TIME and PRICE once again we would expect 21700 to break till 15th or 16th,MAY.
let’s see, with VIX at multi year highs, this TIME we could see supports going through finally.
just to finish it off, look for that open chart gap on NIFTY which persists at 22178.
this occured on 22nd,APRIL.
once that gap fills momentum would pickup further on downside!
gann,insides 