Nifty on Friday managed to close just a tag below 18700 levels @ 18696. On friday as anticipated break of 18750 lead to a low of 18639 and from there a bounce upto 18700.
Nifty has formed a Bearish candle on 2 Dec.
Day trend looking bearish as the day high (2 DEC) is below the prev day low (1 dec) and has closed below 18700.
Till the high of 17781 is taken out or the low of 18639 is broken - the movement would be rangebound
Break of 18639 would lead to 18505 levels - 50% fibo retracement
A move above 18815 - upper bollinger band will resume upmove - towards 18950 +
INTRADAY TRADE PLAN based on 15 min TF
If the move from 18886 till 18639 is an a,b,c completed - then breakout above the channel 18715 (also upper BB)- would lead to 18770 - 18790 - 50% or 61.8% retracement -
Considering it as 4 on going - then break of 18710 would lead to 18639 -18600 towards 5th
TRADE PLAN:
BUY ABOVE 18720 WITH 15 MIN CLOSE BELOW 18670
SELL BELOW 18700 WITH 15 MIN CLOSE ABOVE 18720
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