: The support has broken in the last week but the candle was Doji and it is the indication of the neutral sentiments. So as per my view, it was not breakdown and Nifty recovered with COVID cases. The Nifty has tried to break the trendline but has not succeeded. On a weekly chart, it has a closed with Inverted Hammer that is the signal of reversal.
As per swing trading, Nifty is trading in a range and again ready to come down to 14300. If it will come down then there are chances it will make the third bottom. Also, this rally came near month-end so we can say it was short covering due to expiry. Now need a fresh signal for a clear trend.
: Here is the same scenario i.e. Inverted Hammer but plus point is it has closed above the resistance. So now this resistance will work as support and banks recovered with the monthly expiry. Monthly option data is looking bullish but is it not worth it. We need at least three days of data to predict the monthly trend of the F&O script.
On the daily chart, has worked as per Cup & Handle and given target as well. It is looking bullish as per swing trading.
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.