Support & Resistance Zone Price Action Analysis – NIFTY (Indian Share Market)
Since Nifty Fut is trading successfully above the current key resistance layer zone of 11130-11145, we’re expecting this to become a successful breakout for now till it’s not falling back drastically below the key resistance zone as shared. Next layer of resistance as a target is seen around 11770-11793 which is definitely a long term target to follow. In between these two key resistance zone, we find very minor resistance coming in around 11345 & 11633 layer which shouldn’t be as tough to break through for the bulls if we start seeing a breakout momentum building up right from here. So, we’ll preferably use those layers to set our initial level targets rather than looking for new entry opportunities. Here is the DAILY timeframe Chart Setup for the analysis:
Below is the Resistance zone (converted to a flip support zone now) which is a combination of longer & shorter timeframes here:
Finally, as discussed earlier, we will remain bullish till price is not falling below the key layer zone. Being bullish, we ‘ll try hunting trades using both lower & higher timeframes charts towards upside only till the price action order flow remain unchanged & not showing us some kind of orderflow reversals or exhaustion in it’s upwards momentum.