Technical Analysis of NIFTY50 index on 4H chart.
Technical Analysis of Nifty50 index on 4H Chart by using exponential moving averages of 20, 50, 100 and 200 periods.
Also we use Fibonacci Retracement for the analysis of levels.
As we know that the market moves in the cycles of Expansion and Contraction.
EMA (20,50,100,200)
1) EMA lines are contracted after the expansion.
2) The 50ema and 200ema are almost on the same levels.
3) The 50ema also crossed down 200ema line.
4) On the top we have 200ema then 50ema/200ema and at the bottom 20ema line.
5) 20ema line cross down all the ema lines.
6) During contraction the symmetry of ema lines are disordered.
Fibonacci Retracement
We draw the Fibonnaci Retracement by using the low of 16746.80 and high of 18898.30
1) The Index is undergoing the retracement of 50% (17822.55)
Conclusion:
- The Index is going through the Time Wise Correction. It may spend some time on these levels.
- From these levels the Risk/Reward is not favorable.
- From these levels we cannot conclude any directional move.
- Wait for the breakout/breakdown of Resistance (18202) / Support (17352)
Also we use Fibonacci Retracement for the analysis of levels.
As we know that the market moves in the cycles of Expansion and Contraction.
EMA (20,50,100,200)
1) EMA lines are contracted after the expansion.
2) The 50ema and 200ema are almost on the same levels.
3) The 50ema also crossed down 200ema line.
4) On the top we have 200ema then 50ema/200ema and at the bottom 20ema line.
5) 20ema line cross down all the ema lines.
6) During contraction the symmetry of ema lines are disordered.
Fibonacci Retracement
We draw the Fibonnaci Retracement by using the low of 16746.80 and high of 18898.30
1) The Index is undergoing the retracement of 50% (17822.55)
Conclusion:
- The Index is going through the Time Wise Correction. It may spend some time on these levels.
- From these levels the Risk/Reward is not favorable.
- From these levels we cannot conclude any directional move.
- Wait for the breakout/breakdown of Resistance (18202) / Support (17352)
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