Nifty 50 IndexUpdated Nifty view for 4th May
On Thursday we have seen the Nifty hits the level of 9878 which is 50% in Fibo levels. But unable to close above the level.
Closing above 9878 I am looking for the next target of 10200 and 10437 which is 61.8% of fibo levels.
and Closing below 9320 which is 38.2% of fibo level will lead to more downside with the targets of 8800 and 8628 which is 23.6% of fib levels.
As per the global market till 3rd May, it seems the market will open in a good amount of gap down on Monday 4th May and we won't get any good opportunity to trade, so before burning your fingers let it settled for some time and then decide whether to go short or long.
Closing above 9878 I am looking for the next target of 10200 and 10437 which is 61.8% of fibo levels.
and Closing below 9320 which is 38.2% of fibo level will lead to more downside with the targets of 8800 and 8628 which is 23.6% of fib levels.
As per the global market till 3rd May, it seems the market will open in a good amount of gap down on Monday 4th May and we won't get any good opportunity to trade, so before burning your fingers let it settled for some time and then decide whether to go short or long.
Note
If Nifty is closing below 9320, then we will see a negative opening on tomorrow 5th May and the potential target for tomorrow is 9000 levels as per the option chain data.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.