NIFTY on EOD basis has given a good closing above its previous day high. This is always considered to be a very good bullish pattern.
The upcoming resistance will be at the zone of 17774 -17824 (50 Points). The Fibo retracement of 0.33 lies in this zone too. A breakout above it will lead the Nifty towards 18071.
CHART & ANALYSIS
ADARSH DEY
The upcoming resistance will be at the zone of 17774 -17824 (50 Points). The Fibo retracement of 0.33 lies in this zone too. A breakout above it will lead the Nifty towards 18071.
CHART & ANALYSIS
ADARSH DEY
Trade active:
1st Target Reached. Currently Nifty is in the first resistance zone(17774 -824)
Comment:
The Resistance Zone was respected. Fresh Up move can be once the resistance zone is Broken.
Comment:
On 9th March NIFTY took resistance by making a high at the exactly at 17772 just "2 points" away from the mentioned level of 17774.
Currently the support zone stands to be at 17467 - 17347
Comment:
As mentioned previously the support zone stands to be at 17467 - 17347, Nifty made a low near the lower band of the support zone. The low was made just "23 Points" less than 17347 at 17324. The candle formed today has longer lower wick forming a hammer kind of pattern. However a bullish candle is needed on the next day for a confirmation of Buy.
