Yesterday, on 1st April Nifty ended week with a big green weekly candle. Here are some of my technical analysis, which shows bullish signs where there can be a possibility that Nifty can create new all time highs.
1. THE BULL MARKET SUPPORT BAND
The bull market support band consists of 20 week SMA and 21 Week EMA. Whenever we are trading above the band, it is considered a bullish sign, If you see this week's candle closed above the bull market support band which is a positive sign, and we can see a upside move.
2. THE CHANNEL
This is the second scenario, where we can see NIFTY is moving in a channel, which is also a bullish sign. In future NIFTY may continue its movement in the channel, and than we can see a breakout.
3. TRENDLINE BREAKOUT
Instead of moving in channel, if we see breakout confirmation from the upward trendline, NIFTY can come down to retest from the trendline, and than create a upward momentum.
4. MACD CROSS OVER
MACD is known to be a lagging indicator just like moving averages, but you cannot completely ignore this indicator while doing analysis. On a weekly timeframe, we can see a MACD cross over happening, and it will be valid if NIFTY sustains its upward momentum.
5. TRENDLINE
Since last 2 weeks, NIFTY was getting rejected from this trendline, making this trendline as resistance. This week's candle closed, and regained this trendline, breaking resistance. After an upward movement it can come down to retest and take as support for upward momentum.
These are all my bullish analysis on NIFTY. The future looks bullish, unless any negative news hit market. Kindly do your own research and trade cautiously, avoid FOMO trades, and keep buying on dips.
Always remember to Buy on RED and sell on GREEN
1. THE BULL MARKET SUPPORT BAND
The bull market support band consists of 20 week SMA and 21 Week EMA. Whenever we are trading above the band, it is considered a bullish sign, If you see this week's candle closed above the bull market support band which is a positive sign, and we can see a upside move.
2. THE CHANNEL
This is the second scenario, where we can see NIFTY is moving in a channel, which is also a bullish sign. In future NIFTY may continue its movement in the channel, and than we can see a breakout.
3. TRENDLINE BREAKOUT
Instead of moving in channel, if we see breakout confirmation from the upward trendline, NIFTY can come down to retest from the trendline, and than create a upward momentum.
4. MACD CROSS OVER
MACD is known to be a lagging indicator just like moving averages, but you cannot completely ignore this indicator while doing analysis. On a weekly timeframe, we can see a MACD cross over happening, and it will be valid if NIFTY sustains its upward momentum.
5. TRENDLINE
Since last 2 weeks, NIFTY was getting rejected from this trendline, making this trendline as resistance. This week's candle closed, and regained this trendline, breaking resistance. After an upward movement it can come down to retest and take as support for upward momentum.
These are all my bullish analysis on NIFTY. The future looks bullish, unless any negative news hit market. Kindly do your own research and trade cautiously, avoid FOMO trades, and keep buying on dips.
Always remember to Buy on RED and sell on GREEN