So basically here, Nifty has turned upward just a day before the turn date of 2nd Feb. And is now all set for all time high in the month of Feb itself. People who followed me last year will remember that last year in June I had said Nifty will be till Feb and will after that enter into recession. Same is playing out here.
Next turn date is 6th Feb, and first target is 8883.
SGX Nifty is at 8704 and is 35 points down, and provides an opportunity to go long at the opening. Stoploss could be maintained at 8650 NS initially, later we will raise it.
If you press the arrow button on the right side of the chart you will find that Nifty was resisted at 61.8% Fibonacci projection level. As turn date is Monday 6th Feb, 2 more trading sessions to go, next two expected levels are 8809 and 8883.