Nifty Views !!!!

What you see above is the Daily Chart of Nifty. Some plain simple observations;

1. On Daily we are clearly in a downtrend and the recent uptrend can be simply called an intermediate uptrend. For the Purists it can be a bearsih flag in the making and might be an onset for next leg down !!!

2. The Fibbonacci lovers would rejoice how the price reacted at;

     (a). 33.33 retracemnt levels found resistance then conquered it and then retested it before the leg up.
     (b). Similarly now 50 was tested and price retreaded from there.

3. The area marked in the white ellipse is of great significance vis a vis price action. There is a lot of confluence of things out there. There is the 50% fib resi. There is the old price resi now support zone.
Ofcourse there is a Gap fill to be done. And most importantly there is the 200 EMA and 20/50 Ema congregating there for a crossover. Price action gets volatile whenever a major EMA (200 EMA in this case) is breached or tested !!!

As far as the Price keeps on making HL and HH trade in the direction of the trend.

Always remember in Technical Analysis we deal with probabilities and not certainities and as the adage goes trend is your best friend the remeber STOP LOSS is like your WIFE !!! You may want to hold on to her no matter what !!!!

Cheers !