NIFTY 50 was in a perfect channel in the daily and weekly charts right from 15 February 2021 to 17 May 2021. Breakout from the channel occured on 18th May. The top of the channel has been retested and it from that exact level (14880) that the market rallied on Friday. For the coming the week, significant support for Nifty 50 exists at 15030 to 14950 - below which there will be sharp selling. However, the view is totally bullish for next week and it would be prudent to adopt a buy on dip strategy from the appropriate pivot levels in the coming days until proven wrong. Upside targets are 15335 and the all time high of 15430. If that is broken for the week, the next target could be around 15500. On Monday, if it turns out to be a very bullish day, RSI on the daily charts would move above 60 - indicating the start of an uptrend.
Comments would be appreciated.
Comments would be appreciated.