Nifty 50 has completed a nearly 1000 points correction fromthe ATH of 22124.15 on 16 Jan 2024 opening hourly candle of 9 am on Trading view chart. Swing low was 21137.20 which was on the opening hourly candle. The low was nearly 166% of the major swing of fall from 2019 top to 2020 bottom. Above the 187.5% to 212.5% is the sideways zone which the market has done till date. Now we have an annual event of budget coming tomorrow at 11 am. We may see gap up on the index tomorrow as we have closed near to it. The next squaring level on index is 21953.20 which may be hit with gap up if it is strong. We need to cross this level for sustained recovery. On expiry day this level of 21953.20 could act as resistance. On downside if we break the level of 21607 we may see action on downside.So those who have carry forward longs may benefit.
N.B. Not an trading advice. With usual disclaimers as applicable within the reach of this beautiful trading and analysis platform.
N.B. Not an trading advice. With usual disclaimers as applicable within the reach of this beautiful trading and analysis platform.