When market crashed on Friday the Fyers web platform had suddenly frozen for some time. It was not possible to confirm if your stop loss is hit or jumped and if you have successfully closed your positions manually or not. It's lame that We as retail traders have adapted ourselves to such situations which are not uncommon on any online brokerage platform. It is rightly said that the real test of a trader or a trading platform is in panic conditions.
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Reliance has been in a strong uptrend. The price has been rejected twice from 2200 levels but in the second attempt the reaction has not been that harsh. The whole price action is constrained with in the wide up bar 'A'. It looks like a flag is under formation as shown on the current daily chart below. If the price breaks out of flag, we will have a target of around 2300 or so.
Hope it ll help traders. Thanks.
In this post I will do a brief analysis on Nifty for educational purpose.
Nifty had a strong resistance level at 11341 which was breached on 18th of August on the upside. Nifty has retested this level and found support.
Keeping above discussion in the background, Nifty can approach for the harmonic target of AB=CD at 11600. This level confluences the historical resistance at 11627. Also there is an upper boundary of the uptrend channel shown in the chart at these levels.
Keeping these points in mind we can look for 11600 target where price may take a pause. A 4 hourly chart has been attached for more clarity.
Hope it would help traders.
All the best.