Oh My Nifty 01 Oct 24! Tum Aisey Kyon Karti Ho :)

30 sept.

Chart has been drawn from Higher Time Frame ie Daily to 15 min using Fib Ext (drawn from hourly) and RSI. The latter indicates oversold. Therefore, I expect a surge in Demand irrespective of Umrikan markets, Barring turmoil in Mid-East. As Ususal, R1,R2... and S1, S2.. represent Resistance and Support respectively. Following abbreviations are explained as follows:-
PDH- Previous Day High
PDL-Previous Day Low
PDC-Previous Day Close. PDL & PDC are quite close. So to check actual position you will have to go to 5 min.
P1 to3 are the likely Path, Nifty would take. In each case the lower R would become support from which it would rebound.
Let me explain. If the demand on opening (actually you may see this in premarket at 9.08 am) then first long call is represented by black horizontal line. With stict SL, you may go Long after R1 till R2 from where it may face a little resistance. But if it breaks PDH, then you may safely continue your Northward journey till you hit R3. If it breaks ATH, which is just few points away, then you may get BONUS also. ALL THE WHILE KEEP EYE ON RSI which will tell you .....
I'm not expecting any downtrend or gap down. Should there be any, then short it with Glee!