Finally Nifty start closing above 17500 levels.
A major trend line from top may act as a level of resistance.
The point we are concerned about is the lack of a significant retracement.
Near term target May be 18100, with support around 17200-17000
and major support will be around 16750.
NIFTY MEDIUM TERM
Watch for breakout and close.
If break above 16000 levels resistance will be around recent swing high.
AND If breakdown levels of support
will be 15600-15370-15181
and in worst case scenario we may see 14690.
Nifty Futures Analysis, Nifty at crucial level.
The Nifty is likely to retrace and rise further, if it breaks the resistance line and stays above 17500, we may see new highs in the short to medium term. On the downside, major support should be around 17000-16500. Current scenerios, news is always going to have a major impact.
Nifty Medium Term View
> Technically it is more likely to give breakout on upside.
> Omicron threat may drag it down and make it worse.
If it gives breakout on upside and sustain, resistance will be 17650-18200-18600.
On the downside support will be around 16400-15930-15460.
Nifty 3 Bullish Move
A Double Bottom, Short Term Trendline Break and Resistance Level Break.
Current trend is uptrend, it may retrace and continue to Resistance level 17600.
On the downside support is around 17000.
RSI level is bullish.