Abhijit_Paul

Nifty InstaView 28 May’21: New High in Style 


NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES

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. 

Comments

Thank you
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter