nifty index analysis using renko charts
TRANSCRIPT
Renko Analysis - NIFTYComprehensive analysis of NIFTY using Renko & Bar Charts
Renko Trading Strategy fromFrom: http://renkotraders.com
NIFTY Index• NIFTY or CNX NIFTY is the stock market Index for India• Offers investors access to 22 sectors under one portfolio• Lot of requests to cover the NIFTY 50 using Renko technical analysis
Disclaimer: This presentation is for educational purposes only and not an investment advice. Trading the financial markets is risky. Please consult your certified financial advisor for trading.
NIFTY – 100P Renko Chart
• Long term bearish divergence, points to a correction to 6035• Top validated by the double top pattern• Most recent support at 7635 is broken• Expect a pullback in the downtrend
NIFTY – 50P Renko Chart
• Descending triangle being formed with upside bias to 7635• Watch for correction near 7185• Above 7635, further upside could open up pointing to a larger
correction
NIFTY – Weekly Bar Chart
• Head and Shoulders Pattern formed (9000 – 8000).• Break of 8000 neckline support saw a decline to 7000• A expected prices attempting to bounce off 7000 support• Retest to 8000 at the very least is likely following the inside bar that was formed
NIFTY – Daily Chart
• In the short, expect a higher low to be formed above 7000• If prices break below 7000, expect some consolidation but the downtrend looks to be losing momentum• Wait for higher low and a break out off the median line for a test to 8000• Clearing above 8000, further upside to 8336 likely. If support is formed at 8000, upside bias could be building up• If 8000 resistance holds, expect a dip to 7000 and 6400
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