Part IV: Nifty outlook: A steep recovery or a slow correction?
Updated
Nifty has continued growing in the corrective channels.
It has filled two gaps and is currently on the third gap level.
The third gap is providing support.
Nifty has made a double bottom pattern on the gap level.
And according to the gap theory, price gaps cause reversal.
But if selling pressure exceeds buying pressure during the gap area, Trader can expect another leg down.
targets for buyers 18220-18334-18454-18500+
Don't take a trade without any confirmation.
The market can go downward.
A trader can wait for confirmations, like candlestick pattern, volume breakout, trendline breakout, and channel breakout.
More clusters are there, more controlled your psychology will be.
Note
The first target of 18220 has reached.Trade closed: target reached
Note
Note
The second target of nifty has reached at 18334.Note
Nifty Update :
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