As communicated earlier that nifty may get into the uncharted Zone, the same has been done in the last few sessions only. Now we do not know the destination of the index. The daily chart is self-explained where the major resistance ( RZ-1)stands between 17200 to 17250. The high probability of reaching that point will be from the 2nd week of Sep 2021 to the 1st week of Nov 2021. If it enters into the High Volatility Zone (HVZ) that probability of going up will decrease to a minimum but once again once it is out of that zone then a different scenario will appear( a study needs to be done there).
As per the market scenario, the probability of nifty reaching RZ-2 is very high if it crosses RZ-1 and stands there for some time by the given timelines.
As per the market scenario, the probability of nifty reaching RZ-2 is very high if it crosses RZ-1 and stands there for some time by the given timelines.
Comment:
As communicated earlier Nifty is testing the RZ-2 boundary. Now it will try to break enter into the resistance box else it may take some break and return back to RZ-1 to come back with power and break the resistance box. RZ-2. But The resistance zone is the high-pressure zone where the index may take a decision on its next move. So, If Nifty get into the box then, there is a high probability to reach the other wall of the box. To be precise, if nifty stands above 17950 on (EOD basis) then there is a high possibility to reach a 17300 level.
