It appears october is not a negative month historically. Further the volatality is small compared to august month. Hence we may see a small rebound to 18000 areas. Before beaking above that zone.
In this chart India VIX is seen forming a strong bullish candle if it breaks above the upper resitance line at 23 we may see big correction in Nifty 50. But this FED rate hike may not be sufficient to create such condition. It may be more than that. Other wise nifty will be in consolidation mode between 16500 and 18000 for some time. So I shared this overlooked...
I am sharing 4HR Nifty 50 chart, For me it is appearing like a cup and handle pattern. Which people call a bullish pattern. But conditions across globe are different. How ever the people give their opinions on this picture.
due to positive data from US nifty may gap up 150-200 points so it will touch the trend line passing through 18600 october 2021 high and 18115 in 2022. THis level is app 17750. we have to book some partial profits here those who are in long positions. The further move we can opt a strategy like bull call ladder .
The fibonacci retracement from 18600 (oct2020) high to 15180 recent low is drawn.Nifty is hovering near 61.8% 17295 level over took today.If it is bear market rally the nifty may correct from an intermediate point between 0.78 and 0.61. any where between 17800 17300 levels. If it is not bear market rally it will overshoot even 17800 level and move towards 18600....
NIFTY50 in ABCD pattern seems to have completed abc pattern , as options closing nearby can we imagine a minor pull back happen or it will continue to 18000??? this looks an important stage, fomer looking more feasible
Reliance yesterday closed strongly above psychological level 2503 @2509, In futures also finished strongly all setfor a double bottom chart.There is hsitory of big spike in reliance some times 100 to 200 points.The results 5G spectrum sale may provide such boost.It can touch 2800 easily . Perfect time for long position in RIL
Nifty seen breaking above the trendline and seems some fundamental change in mind set of traders is behind bold move. If it can hold above 16220 this week we may see good upside move first to 16400 then to 16600. if it return back to 16220 below this is not valid.
It looks like nifty is consolidating in bearish penant. The jobs data to night may give break down to new low 15250. If The jobs data is positive the dow will have positive influence on nifty.The bears grip will be relaxed bulls will dominate for some bear market rally. Looks very difficult though
nifty is lagging in retracement as shown. Dow advanced to 38.2% fib level early where as nifty is breaking below 23%. Who will catch up soon let us wait and see.
