Nifty Opinion- Tomorrow is more of a wait & watch day
While today's fall was expected and my yesterday's idea can be checked for the same, I am not really sure about tomorrow.
There are mixed signs,
1. The hourly stochastic is positive K% is above D%, which according to me is a very good indicator indicating green trend
2. Nifty touched 0.75 gann levels, reversed, retraced almost 78.6% of the total fall from 14575 till 14264, though after retracing it has closed near the low of the day which suggests that probably the expected retracement has already been completed
3. Nifty faced resistance intraday at 14350 which is 19th March low, though it was able to break it upside but closed again below it, so 14350 can act as a good resistance
4. Today was the second day of fall and to continue the cycle, a 3rd day of fall is needed (hypothesis covered in my previous idea)
5. Daily level RSI and Stochastic are negative
6. Journey till 14150 level and then probably till 13600 is expected to be completed
14250, 14140 and finally 14040 will be important points to observe and can provide good support.
Touching 14040 would be 78.6% correction of the rally that began on 1st Feb till 15431.
There are mixed signs,
1. The hourly stochastic is positive K% is above D%, which according to me is a very good indicator indicating green trend
2. Nifty touched 0.75 gann levels, reversed, retraced almost 78.6% of the total fall from 14575 till 14264, though after retracing it has closed near the low of the day which suggests that probably the expected retracement has already been completed
3. Nifty faced resistance intraday at 14350 which is 19th March low, though it was able to break it upside but closed again below it, so 14350 can act as a good resistance
4. Today was the second day of fall and to continue the cycle, a 3rd day of fall is needed (hypothesis covered in my previous idea)
5. Daily level RSI and Stochastic are negative
6. Journey till 14150 level and then probably till 13600 is expected to be completed
14250, 14140 and finally 14040 will be important points to observe and can provide good support.
Touching 14040 would be 78.6% correction of the rally that began on 1st Feb till 15431.
