Nifty has reversed from its long-term support levels and has been overstretched ever since.
Positionally, NIFTY is in a BULLISH pre-budget rally and on its way to retest/break an all-time high again. Since reversal nifty climbed 790 points and went sideways for a few. Since FII is buying in cash another 790 point rally targets 18100 zones which can be a good point for reversal or sideways time correction.
Jan 6th expiry may see 18100 levels.
In the present scenario, NIFTY can retest its breakout levels in the recent rally and create new highs.
NOTE: This is an analysis-based approach positionally and any news-based data is not considered. This is an analysis and not a recommendation for the suggestion.
Positionally, NIFTY is in a BULLISH pre-budget rally and on its way to retest/break an all-time high again. Since reversal nifty climbed 790 points and went sideways for a few. Since FII is buying in cash another 790 point rally targets 18100 zones which can be a good point for reversal or sideways time correction.
Jan 6th expiry may see 18100 levels.
In the present scenario, NIFTY can retest its breakout levels in the recent rally and create new highs.
NOTE: This is an analysis-based approach positionally and any news-based data is not considered. This is an analysis and not a recommendation for the suggestion.
Trade active:
Following the pattern so far, may consolidate or correct time-wise until Budget day.
Trade active:
Power of Chart Analysis!
Watch for 50% FIB levels for support