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Taking positive prompts from worldwide markets and ideal takeaways from the financial overview report, the market revived ahead of the budget day with all major segments within the green. The major large scale markers of the overview gave certainty that the nation is well put to confront future challenges with gdp development for fy23 anticipated at 8-8.5%. Worldwide markets turned positive backed by picks up within the market speculators overlooked geopolitical unsettling influences and turned their eye towards solid profit numbers from tech firms. Sensex closes 814 points higher after Eco Overview projections; nifty over 17,300. The Nifty opened gap up on January 31 & attempted to stretch higher. It managed to surpass the level of 17400 on an intraday basis however couldn’t sustain in the higher territory. In terms of the Fibonacci retracement, 38.2% retracement of the entire Jan decline acted as a key barrier for the second consecutive session.
Internal structure shows that the Nifty can take a minor degree dip before stretching higher. Any dip in the near term is expected to subside near 17100. So a dip towards 17100 can be considered as a fresh buying opportunity. Overall structure shows that the price action in the last few sessions is a part of the pullback process & the index can head towards 17600-17800 in the short term.Resistance: 17412, 17472, 17522
Support: 17223,
17128, 17022
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