Nifty is on correction path on a uptrend for the last 2 trading sessions. from the last low of 16828 in march 23, the 1st phase of rally was till 17842 ( rally of about 1000 points) we saw a pull back there after till 17553 (about 300 points). if we plot fib retracement then this form about the 0.618 level of the rally. the next phase of rally was from 17553 to 18459( again about 1000 points). in the last 2 days the correction has happened till 18115 (about 320 points) this again is approx 0.618 of the last rally.
further global indices are all in green at the time of writing this (DAX, FTSE, NYSE, DoJI), which gives a belief that correction is over and next phase of rally if commencing could take nifty to ATM of over 19000.
Having said that any fall below 18030, could see Nifty going into a fall till 17830 and further fall if any will signal a trend revresal.
This is my outlook for nifty in coming days and is not a trade recommendation. Please do you own analysis before taking any positions
further global indices are all in green at the time of writing this (DAX, FTSE, NYSE, DoJI), which gives a belief that correction is over and next phase of rally if commencing could take nifty to ATM of over 19000.
Having said that any fall below 18030, could see Nifty going into a fall till 17830 and further fall if any will signal a trend revresal.
This is my outlook for nifty in coming days and is not a trade recommendation. Please do you own analysis before taking any positions