Nifty-Shark Bounce or Sharp Bounce 13600-14700- What Next?

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NSE:NIFTY   Nifty 50 Index
Nifty - Was That Shark Bounce or Sharp Bounce 13600-14700-What Next?

Amazing session for Indian Stock Markets & Possible Reason for moves which unfolded on 1st Feb2021
• Harmonic Pattern
• Heaven’s Message
• Indian Budget2021
• Stock Updates

Harmonic Pattern

Bullish Shark Pattern which was suggested last week with trigger level above 13850 & targets of 14100 / 14400

Last Idea Published – Shark Harmonic Pattern

Heaven’s Message
From Financial Astrology, Mercury went retrograde (moving backwards) on its orbit which it does 3-4 times in a year & recently went retrograde for the 1st time in this year on 30th Jan2021 & shall remain for 3 weeks until Sunday, 21st Feb2021 when it goes back direct again. Mercury retrograde is also a period when false moves might happen so be careful while trading & do not get emotional.

Indian Budget2021

Stock Updates

Reliance – false breakdown below 1835 last week & bouncing from new lows of 1830 to 1900+

TataElxsi- Its Elxsi or Expanding suggested last week – moved 2400’s approx. to 3000+ which was amazing

What Next?
Market Participants should be careful of Double Top’s close to 14700+

Trade active:
22:49 Hrs / 2nd Feb2021

Just be careful as crossing above 14700 - It could attract more buyers & push upside -there is a big worry point which is -it should not drop below 14700 which will become key level for next few sessions

Till the time it holds above 14700 - You can think of taking buy or long position & avoid any buy if drops below 14700

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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