bijoy2526

NIFTY 17452 to 18604 bulls relax for the time being

NSE:NIFTY   Nifty 50 Index
what a rally it was ,more than 1100 points ! now gives away only 58 points to bears.
nothing goes in a straight line , today's open was almost high
almost bearish signal. But 1st dip was bought in to but could not cross the
high of today.
23.8 percent or 38.6 percent retracement of this rally is very much usual.
it is an healthy signal for next rally.
of course more than 50 percent if it gives up then that will be matter of concern.
nothing to be overjoy for the bears .though I am neither a bear nor a bull.
I have not drawn retracement levels on the chart as that will make the chart over lapping.
you can do that yourself and observe.
time being the arrow shown in the chart pointing to the channel should be a support.it may fall back to next near target shown in the chart.
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one more upside still pending it appears to me
Comment: with positive clues from usa and asia it may be a non trending day.
Comment: it appears 18225 has acted as support. But in hourly time frame nifty is down in 3 wave only. Hence another leg down side may not be ruled out. In that case nifty
will find support at 18168. If after touching that pulls back out of the channel
then we can conclude that this correction is over. if nifty starts trading above 18440
we can look further for its rise.