Will Nifty50 breach the 25,000 mark again?
Nifty made a high of around 24,867 on Thursday, August 22, 2024. From there on, it went sideways. On the Fibonacci retracement, Nifty is hovering around the 78.6% mark. In the volume bars, we can see Volume Divergence.
So, what’s the signal Nifty is sending out?
An hourly closing below 24,790 could well take Nifty down by 60 to 100 points to around the 24,680 level, which is the level from where buyers previously pushed Nifty up. We can expect buyers to push Nifty up again from this level.
However, an hourly candle with good volume closing above 24,880, could propel Nifty up towards 24,960.
So, the opening hour on Monday would be crucial in deciding the direction of Nifty.
A breach below 24,680 would indicate weakness and we may see Nifty going down below 24,500. However, a breach below 24,680 at this point doesn’t seem too likely.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
So, what’s the signal Nifty is sending out?
An hourly closing below 24,790 could well take Nifty down by 60 to 100 points to around the 24,680 level, which is the level from where buyers previously pushed Nifty up. We can expect buyers to push Nifty up again from this level.
However, an hourly candle with good volume closing above 24,880, could propel Nifty up towards 24,960.
So, the opening hour on Monday would be crucial in deciding the direction of Nifty.
A breach below 24,680 would indicate weakness and we may see Nifty going down below 24,500. However, a breach below 24,680 at this point doesn’t seem too likely.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Comment
Nifty may open with Gap up. If we get a 15 min close above 24880, Nifty will resume upside move towards 24,960.Comment
Nifty opened around 24,907, came down to take support near 24,875, and then moved up to 24,960. the target we had predicted. It crossed 24,960 to hit the final high of 25,043. Nearly a 150 points rally.Comment
Aug 27, 2024 - Nifty exceeded our expectation of 24,960 and hit a high of around 25,043, which is near its all-time high mark.
After a small pull-back, expect the resumption of upside trend to Fib 111% level, which is around 25,200. Hope all of you ride the trend.
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