Analysis on Indian Stock ACC Ltd. 15min chart timeframe
Hey there tradingview community, Its another analysis on the indian market,specifically ACC Ltd.
So the market opened at 9:45 and opened gap down and immediatedly pumped up and then showed a sideways movement. Also the it showed a minor uptrend.
After that its clear that the operator like banks and mutual funds entered into the market for a bearish momentum. But just before that the market engulfed retail investor's "Stop Loss" at exactly 2515 points.Then we can see a swing and there comes the analysis on the classical method fibonacci retracement. by using the fib tool on the swing i found out the down level that the market could potentially reach. I just drew a zone between 2428 to 2436 as a major support zone. The market reversed from this zone and trying to go for a up direction. Also i think the market could open gap up tomorrow. If the market opens gap up tomorrow then it can take support at the last swing (used fib tool there).
Asif Hassan Risan
3 October,2024
So the market opened at 9:45 and opened gap down and immediatedly pumped up and then showed a sideways movement. Also the it showed a minor uptrend.
After that its clear that the operator like banks and mutual funds entered into the market for a bearish momentum. But just before that the market engulfed retail investor's "Stop Loss" at exactly 2515 points.Then we can see a swing and there comes the analysis on the classical method fibonacci retracement. by using the fib tool on the swing i found out the down level that the market could potentially reach. I just drew a zone between 2428 to 2436 as a major support zone. The market reversed from this zone and trying to go for a up direction. Also i think the market could open gap up tomorrow. If the market opens gap up tomorrow then it can take support at the last swing (used fib tool there).
Asif Hassan Risan
3 October,2024
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