NIFTY - Bullish closing

NSE:NIFTY   Nifty 50 Index
So after a hugely volatile day, nifty breaks the day's range and closes near its day high which clearly shows nifty is bullish. as you can see in 5 min time frame after the breakout of range, sellers were trapped at the 17825 level, and from that level nifty breaks it's days high (DH) and after the breakout of DH now nifty is consolidating and making pole and flag pattern.
so our analysis for tomorrow will be, our view is bullish now so we will take only an upside entry. If nifty breaks its previous day's high(PDH) i.e level of 17190 we will enter into trade and our first target will be the 17970 level.
So if it opens below its previous day's closing we can expect nifty can take support from the 17825 level (last swing) and can reverse from it.
Our view will be bearish if only it breaks the previous day's low (PDL), level 17780.

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.