Nifty 50: a week a candle
Nifty 50 is moving in a parallel channel and keep resisting the upper end and keep supporting the lower end of the channel. On a weekly basis, to become bullish or taking a longs position the Nifty 50 has to trade above 17600 for few days. Nifty 50 index will become bearish or panic selling will be started below 16350 then we can see the levels of 16000 or below.
Nifty 50: a day a candle
On a daily basis, Nifty 50 has made a RED candle by resisting upper level of the thin RED trend line but taken support of 17000 and closed just above 17000. If 17000 levels breaks and Nifty 50 trade below 17000 then downside momentum can be seen in a day or two. But there are some good news flowing in the market which will strengthen the market a little bit and FIIs are selling in small quantity due to Christmas and New year week holidays in many countries. Also, DIIs are supporting the market by continuous buying. Hope market will recover soon and breaks the upper end on the parallel channel (on weekly chart).
Nifty 50: 15 minutes a candle
Nifty 50 will have bullish momentum above 17075 but there is an immediate resistance zone and may consolidate in the zone for an hour or so for further movement (upside or downside). If Nifty 50 trade below 16900 then downside movement will be expected but for shorter targets, therefore, keep your stoploss as per your risk. If opens gap-up or gap-down then wait for the range to break or price action and then trade according to it.
