Nifty View: Big boy RELIANCE delivered exactly when it mattered the most. It’s like how Virender Sehwag always tried to hit a century with a six. Nevertheless, the benchmark Nifty
index has now hit a new life high on the back of high momentum and resilience. The gap up in today’s trade was held pretty well throughout the day’s session, which is a sign of strength. The index is in a UP trend across all time frames and we should expect the rally to continue. A quick simple Fibonacci projection
suggests the next two levels at 15,575 and 16,455 - the first one is not too far away. For the second one, the index will have to correct a bit to shake off the momentum and so going ahead we should be cautiously bullish
and not get carried away (well the media will be for sure). So keep a bullish
bias but look to trade wherein a fresh bout of momentum is noticed, like ITC
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.