Here's a price action analysis of scrip named Auropharma. Below is a 5-minute chart of the same scrip. For the past two sessions, Auropharma has risen well. During the last 4 hours of yesterday's session price corrected and had settled near pivot ‘P’.
Price opened little higher near the previous close, with a spring candle. The huge down wick indicated the weakness of bears. Spring candle augurs bullish environment. In today's case Spring took support at an importance support zone of previous day session from which price had zoomed higher strongly. This zone is also in confluence with 'P'.
I have marked 665 zone. It was from here price had started its last down move during last session. The downward red arrows show heavy supply at 665 zone. Today too, price found resistance at this zone.
In its fourth attempt price successfully pierced 665 zone and started moving higher. Had one scanned 2-minute chart, a good buying opportunity was present. I have marked the buy opportunity in the chart. Price zoomed higher only to find Resistance zone near 674.85 from an earlier date. This zone I marked after the price stall there.
What about Nifty 50?
In the 5-minute chart of Nifty 50 below, open candle for today is marked. It's a Gap open candle with big down wick indicating weak bears. From the previous two sessions, we can see a wedge pattern and fall aftermath of it. Nifty retraced 0.618% of wedge by the end of yesterday session close.
Today, 45 minutes into trading, Nifty took support at previous day low (PDL) and started bouncing off from there. Take note of weekly pivot 'S2' in confluence with PDL. Nifty inched higher to find an importance resistance zone near 17540 which is marked by a horizontal box in the chart above. At this zone, Nifty accelerated its fall downwards during yesterday's session.
Nifty pulled back to daily pivot 'p' and attempted to rise higher. But, the broader index found stiff resistance as before. However, Nifty breached 17540 zone in its third attempt during the last hour only to find another hurdle formed by a confluence of weekly pivot ‘S1’ and current daily pivot ‘r1’. Nifty closed 0.70% higher for the day.
I also have marked a buying opportunity in the chart. This I do in hindsight. To buy on such a second pullback requires guts. In fact, RSI was at the floor of Bullish region with upward signaling act.