NIFTY has been on a bullish train for a while and today was no different. NIFTY gained around 1% today settled around 17,800 levels. There are so many things that I want to point out after today's impressive rally.
Points to note
1. The most important point for NIFTY was to give a close above the 17,763 level. The level where it gave the breakdown of the "Head and Shoulder" neckline. A sustained move and closing above this level were important for further uptrend.
2. On daily MACD, the MACD line has just crossed the zero line indicating a further upward move.
3. The RSI is showing a positive divergence against the price on a daily time frame.
4. Nifty has settled above 17,800 levels (which has the second-highest CE contracts). 18,000 levels hold around 20 Lakhs contracts which will act as a strong resistance.
5. Maximum PUT contacts is at 17,700 and followed by 17,600 levels which will act as strong support.
My Views
For further upside move, NIFTY has to hold above 17,800 levels to achieve a target of 18,000 levels. Failing to do so will drag the index all the way to 17,600 levels (which is strong support). The things will be more clear in a few sessions but for now, it is a clear uptrend after breaking and sustaining the 17,763 and 17,800 levels.
THOSE ARE MY VIEWS AND ARE FOR KNOWLEDGE PURPOSES ONLY, PLEASE ACT WISELY.
Points to note
1. The most important point for NIFTY was to give a close above the 17,763 level. The level where it gave the breakdown of the "Head and Shoulder" neckline. A sustained move and closing above this level were important for further uptrend.
2. On daily MACD, the MACD line has just crossed the zero line indicating a further upward move.
3. The RSI is showing a positive divergence against the price on a daily time frame.
4. Nifty has settled above 17,800 levels (which has the second-highest CE contracts). 18,000 levels hold around 20 Lakhs contracts which will act as a strong resistance.
5. Maximum PUT contacts is at 17,700 and followed by 17,600 levels which will act as strong support.
My Views
For further upside move, NIFTY has to hold above 17,800 levels to achieve a target of 18,000 levels. Failing to do so will drag the index all the way to 17,600 levels (which is strong support). The things will be more clear in a few sessions but for now, it is a clear uptrend after breaking and sustaining the 17,763 and 17,800 levels.
THOSE ARE MY VIEWS AND ARE FOR KNOWLEDGE PURPOSES ONLY, PLEASE ACT WISELY.