NIFTY TREND SETUP FOR THE WEEK

Jun 21, 2020

NIFTY TREND SETUP
-from past few weeks i am explaining nifty is in a "bullish bias"
-to understand please go through my nifty and banknifty posted charts
-you will get an idea how we were able to maintain our bullish view
-coming to the new post of nifty let see what is cooking up
-our rising wedge pattern is confirmed (read previous post)
-nifty is making a move to test "61.8% retracement level"
-and also its 200-ema both now placed in the zone of 10420-10520
-!!yes!! again i am "bullish" this week
-the reason is quite simple i don't know whether someone has noticed!!
-that after the gap down on 11th march it is the first time!!
-that nifty has mananged to "close above 10175"
-!!yes!! nifty everytime gaped up and was sold into
-this rally is different after 3 months nifty actually managed to close above the level of 10175
(please watch the "yellow" line closely on the daily chart)
-this is a major reason i believe that market can test 10350-10520 beyond that we will need to dig deeper

NIFTY TRADE SCENARIO
-any dip towards 10160-10180 is a buying opportunity
-intial target should be 10275-10320
-if breaks then we can re-enter aggressively

previous post on nifty index