Nifty soared sharply following a breakout of previous minor swing high. Previous week’s doji gets ignored as the Bull Run in the index continues unabated. From a pattern recognition point of view Nifty has moved above the previous swing high and the pattern of higher highs and higher lows continues. Nifty has also moved above last Monday’s long red candle as the market negating the bearishness of the previous week. Nifty is now hitting the top end of the channel and if the channel breaks and nifty moves above it. The rally should continue. 13750-13800 was a major resistance zone once we apply advanced Fibonacci applications.
Nifty R1 Weekly Pivot is
at 13970 and beyond this the resistance shifts to 14150-14200. The support
for Nifty is at 13655-13670. As long as this level holds the rally should
continue. RSI on the weekly and the daily is above 70 indicating strong
momentum when it is seen with ADX which indicates a strong trend. The momentum
in the market is good and proper. Stay long. Any dips to 13755-13810 would
indicate buying opportunities. We are poised to hit 13,910 and then 14000 but
we might face some resistance around the present levels of the Nifty. There
could be a bout of selling pressure near 13855-13955. We have good support at
13540-13595 and any corrective wave can be utilized to buy into this upward
rally.
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Resistance: 13900, 13950,
14000
Support: 13800,
13750, 13700
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