Weekly to Monthly Analysis on Nifty Levels After huge BreakoutHello Traders and Investors.
I have brought analysis on Nifty for weekly to Monthly view. So, let's start.
Yesterday we have seen a nice recovery in the last hour of trade after consolidation, despite a lack of support from Banknifty and closed above 19600 successfully ahead of Interest rate decision by the RBI's Monetary Policy Committee. We have seen falling Resistance trendline breakout and sustainability there, I am expecting rally in market towards 19850 to new All time high means from here t0 20000+ levels. Now we have crucial support zone at the 19500-10375.
Yesterday it was amazing to see Nifty trade in different ways, i mean like it has opened flat and then went down and taken support at 200 EMA, and then reversed with huge volume and given successfully breakout of Falling resistance trendline..i mean it was awesome.
Option chain also suggesting a strong support zone at (19500-19600) as we have seen highest Put writing on the strike of 19500 followed by 19400 strike, then 19600 strike as well.
Highest Call Writing also seen at 19800 strike followed by 19700 strike. So we can assume this could be little resistance zone for coming session. Today is Expiry day and RBI policy, so we can assume some fire crackers in Today's market, there is no any doubt if we can see nifty above 19750-19800 levels just today,,yeah i am right, market has given neat an clean breakout and if we get any big positivity from RBI governor then you can assume where nifty could be end of today's session. Well predicting that much early in the morning is not good, We will see what is going to happen. But yeah session should be interesting.
Okay guy's trade carefully, use proper stop loss and wait for the best levels to enter, go with less qty as market could be very volatile today.
Some important levels for Nifty:-
Buy with current price and accumulate more if you get down levels from here,
Targets we can see in upside 19716/19789/19866 and 20000+ (All time high+).
Keep Stop loss at 19475.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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