Nifty 50 IndexLong
Nifty50 - Medium term view
Nifty50 after making a new ATH in Dec, has been in correction. It has corrected around 6% from recent top and made a Dec low around 17774.
Post which we saw a pull back of around 2-3% ...which was basically a 50% pullback of recent fall from top and then again we saw another correction till 17795.
On 4 hourly chart (and even on daily/hourly), there is some +ve divergence visible and we can see falling wedge type of pattern.
If Nifty manages to hold these two bottoms, then there is possibility of this becoming a double bottom and breakout of which will be visible above 18270/18280 areas.
This breakout can lead nifty to attempt a retest of recent ATH and if momentum continues, we may see a new ATH again in next 20-30 sessions post breakout.
Previous nifty analysis are linked in related idea sections
Post which we saw a pull back of around 2-3% ...which was basically a 50% pullback of recent fall from top and then again we saw another correction till 17795.
On 4 hourly chart (and even on daily/hourly), there is some +ve divergence visible and we can see falling wedge type of pattern.
If Nifty manages to hold these two bottoms, then there is possibility of this becoming a double bottom and breakout of which will be visible above 18270/18280 areas.
This breakout can lead nifty to attempt a retest of recent ATH and if momentum continues, we may see a new ATH again in next 20-30 sessions post breakout.
Previous nifty analysis are linked in related idea sections
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