After touching the down trend line (in Red) today,
NIFTY
sustained the 21600 level. Also, it broke out from the symmetrical triangle at day end, which is a bullish sign. If it breaks out from the down trend line (in Red) tomorrow and sustains above it, it may be the confirmation of start of a fresh upward leg. If this happens will update the target tomorrow.
On the other hand, if it respects the down trend line (in Red) and turns back from there, then it may test the 21500 and 21400 levels in coming session/s.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
NIFTY
sustained the 21600 level. Also, it broke out from the symmetrical triangle at day end, which is a bullish sign. If it breaks out from the down trend line (in Red) tomorrow and sustains above it, it may be the confirmation of start of a fresh upward leg. If this happens will update the target tomorrow. On the other hand, if it respects the down trend line (in Red) and turns back from there, then it may test the 21500 and 21400 levels in coming session/s.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
Comment:
Updates: 15-Jan-2024
---------------------------
Nifty50 - LTP: 22,097.45
Achieved 1st target of 22,072 in first 15 mins only. The same level there after acted as a strong resistance and Nifty consolidated at this level through out the day. However, it managed to break out of the same in last hour. Now heading towards the 2nd target of 22,458 (Fib. 2.6 level).
---------------------------
Nifty50 - LTP: 22,097.45
Achieved 1st target of 22,072 in first 15 mins only. The same level there after acted as a strong resistance and Nifty consolidated at this level through out the day. However, it managed to break out of the same in last hour. Now heading towards the 2nd target of 22,458 (Fib. 2.6 level).
---------------
• On 12-Jan, Nifty has given solid break out from the previous minor down trend with higher than average volume and entered into to a minor uptrend, keeping the major up trend intact. It has also given break out from the Flag and Pole Pattern.
• Considering the Fibonacci levels, target can be set at 22072 (Fib. 1.6 level) and 22458 (Fib. 2.6 level).
• Considering the Flag and Pole Pattern break out, target cab be set at 22540.