Well from last couple of days, Nifty 50 and is struck within well-defined Price Action ranges.
It’s mostly because of the anticipation of upcoming economic reports from US, related to inflation and Economic Growth.
Even though the activity is less visible on the charts, traders need to careful because such kind of consolidations often lead to sharp moves in Nifty 50
Take a look at the Price Action Analysis
Nifty 50 Price Action Analysis on 4h Chart
Nifty is in a nice structural uptrend since from beginning of April. Most likely it’s a short term uptrend.
But from last couple of days, prices are consolidating in a tight range. Momentum is decreasing on the Index.
We couldn’t spot any strong trading activity from Big Players or institutions. To learn more about understanding Big Players and their Price Action behavior, checkout the video link given below.
So overall, traders have to be careful when initiating positions in these types of market conditions.
I am thinking that once the data is out, we could see some sharp moves in Nifty 50 on either direction
What are your thoughts on Nifty 50, Let me know in comments..
