Nifty 50 Long Term Analysis and next Price prediction

This is Nifty 50 long term analysis:-

16650-16900 Mark is expected to act as a long term strong support zone and if this held in the coming months , then nifty will start moving towards 18900 to all time high levels. Today 17/04/2023 nifty made low 17574, it is just a retest of breakout which we have seen in coming days.

Some Immediate hurdle for nifty are at 18000 and 18150. On the indicator nifty is trading above 200-day EMA at 17524 which indicates strength and it can also work as stop loss for long term.

Only problem we can see if nifty breaches their strong support zone which i have plotted on chart. Covid cases again started coming in and rapidly it's getting increasing in some city's but according to market behavior and structure market itself never reacts on same news again.

This was my analyse for nifty 50.

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Comment:

Nifty has reacted perfectly from its congestion zone between 17,650 and 17,900. “It has the highest open interest at the 18,000 CE level and 17,000 PE level, which indicates that even though it is a buy-on-dips market, there is more room on the downside with the current data and hence traders should initiate only hedged positions if done on the long side in Nifty".