Is this a start of consolidation before further rally???
I am new to Nifty analysis and I observed these patterns where nifty is struggling to move up around the lines I drew. Even now, seems like nifty is getting rejected around 17850 which happened to be on the line joining the first 2 peaks of up moves after the start of the descent.
I feel that nifty will consolidate around 17800-850 levels and if it can break this line, next will be 18000 and above with minor resistances @ the prev. peaks.
Also, FII started buying and there's been a heavy amount of stock recommendations pouring in from major firms.
PS: Open to suggestions and corrections. Let me know where I might be wrong.
I feel that nifty will consolidate around 17800-850 levels and if it can break this line, next will be 18000 and above with minor resistances @ the prev. peaks.
Also, FII started buying and there's been a heavy amount of stock recommendations pouring in from major firms.
PS: Open to suggestions and corrections. Let me know where I might be wrong.
Comment:
It seems like nifty is breaking out of the said consolidation zone and if it ends above this zone today, the next hurdle should be around 18200. But Put OI is almost nill above 18000 for this expiry so it's hard to say if nifty will sustain a move above 18000.