Logic 1) Price is at long term trend line, (Be caucious if week closes below trend lie) 2) We can see that the price is in a sideway zone from last 9 week. So a fresh trend may start. 3) We can see a channel formation (which is a bullish sign) ,If breakout happens than we would be at next high and the next high looks very high from here. I personally biased with a bullish view only after channel breakout.
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Closing above 15000 will lead nifty to next all time high
right now there are no good reasons for nifty to breakout upward.. it stands to logic that it will break down. but I have great apprehension that it will go to 13200 levels. on jan 19.the low was made and I think that it should not fall below 14100.
TRADEWITHFUN247
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@hpspahwa1001, On charts we can clearly see that a hammer formation is there , hammer formation at support and trend line gives clear indication that market is going to reverse.
You say there is no good reasons but there is a hope and a confirmation from modi government regarding the lockdown.Market do not fall like that fall came very fast no such thing happened, the volatility increased due to the result session which is going on.
"Market can take positive thing, maket can take negative thing, but cannot take uncertainity." Nowadays there is less uncertainity, yes there is a bad news.
TRADEWITHFUN247
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@hpspahwa1001 what do you think now , why market rallied even there is more bad than good news .... I do not see news I see only chart ... with a unbiased eye... .My view is not changed yet we are in a consolidation on 1week time frame ..most likely upside break out is expected
VAISHNAVI50
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yes nifty taking support at trend line I noticed now
it stands to logic that it will break down.
but I have great apprehension that it will go to 13200 levels. on jan 19.the low was made and I think that it should not fall below 14100.