Nifty Finds a Minor Resistance at 23800, What Next?

Mar 28

Scenario B From Last Weekly Analysis played out as expected and continues to be in the Play.

The Pullback from 23800 Zone has been shallow as week closed above the Minor Resistance turned Support at 23350 Zone, despite a Long Weekend.

This Indicates Bulls have some Conviction of taking Nifty higher from Minor Support at 23350 Zone.

However a Weekly Candle Suggests Indecision.

So Let's be prepared for 3 Scenarios like last Week.

Scenario A - Minor Support at 23350 (200DEMA) holds and Nifty Blasts off to Mega Resistance

Scenario B - Minor Support breaks and Nifty Goes for a Healthier correction towards 0.5 0.6 Fib retracement (23000) and takes support here.

Scenario C - Weakness in Price action with Nifty testing 22500 0.78 Fib retracement and Trendline, This would indicate prolonged period of Consolidation before next Trending Move.

Technical Analysis suggests that Scenario A is more likely to play out.

But as market always knows how to Surprise us, be prepared for either of The Scenarios A B C.

Share your Thoughts and Views to make most of this Article.

Mar 30

Note

just as i was revisiting the Nifty Charts, i found this gap pending to be filled at the same time Global markets over weekend happen to have shown some selling pressure which may allow this 23055 level to be tested before further upside.

Developments over weekend have to be taken into the consideration, preparing for B>A as of writing.

Apr 5

Trade active

Scenario C in Play. followup updates in next Idea posted

Apr 25

Trade closed: target reached