Are we in for a "V" Shaped Recovery?

NSE:NIFTY   Nifty 50 Index
No point guessing where the market may move when we are going to have some highly volatile days ahead. (Fed, Budget, Results etc.)

1. As of now, NIFTY has Stronger Supports than Resistances.
2. 17000 is Technical + Psychological level and would be hard to break. If broken, we've important Supports at 16800/16725/16675 of which 16675 would be most important (App. 200MA)
3. RSI starting to showing strength which needs a follow up Buying. We mandatorily need a closing above 17600 for a confirmed uptrend.
4. Resistance at 17300/17380/17550
5. As discussed in last chart, 15900 would be highly likely if 200MA support breaks.
6. In any case, it's a great time for long term investors getting strong companies at attractive prices. Grab them (After consulting with your financial advisor)
7. Views are speculations. Please don't create positions according to these. Thank You!
Trade active:
High of 17373.50. Closing is all important.
Faced resistance around 17380 levels and fell flat to close at 17102. We're still good. Enjoy weekend!
Trade active:
17400 done. Now it's all about where it closes!
Trade active:
High of 17596.10. 17775+ highly likely. Let's see!
Trade active:
High of 17622.40. All's well till now!
Trade active:
High of 17749 so far.
High of 17795. Expectations almost fulfilled! :-)


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