After breaking 15900 level Nifty has been making new lifetime high almost every week or day. To be honest I haven't expected Nifty to rally 1400 points within a month.
What now? After a fantastic 1400 point rally we can expect a retracment or correction. But there is a possibility of Nifty touching 176000 if Nifty gives breakout above 17460-17480.
This Analysis is based on Nifty's price movement behavior. A possible reversal up to 17000 is expected as per price action. And if you draw Fibonacci level from the last bottom of Nifty which is 15500 to present top 17440 then you will see 17000 level is showing as 23% retracement zone.
Let me know your thought in the comment section. Thank you
Nifty 18000+++ by September month expiry..... nifty 20000++ by December expiry..... buy Nifty future and hold it...
TheNoobDayTrader
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@mayurkoli93 Let's see. Only by time we will know.
Xyz102sam
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Wil it retest to 17k levels before reaching 17600, I feel it Wil touch 17600 first
TheNoobDayTrader
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@Sunny102s Let's look at it technically. It will touch 17600 if a breakout happens above 17460 to 17480 as per my analysis. US market closed in red on Friday and SGX Nifty closing tick is 17363, 77 points down and almost same closing tick as Nifty. We just have to see whether on Monday Asian markets open in Green or Red.