Solid closing above important Fibonacci level of ATH.
Nifty has given a solid closing above previous ATH and important Fibonacci level showing growing momentum. A new All Time High was made today at 25192.90 for Nifty which closed strongly at 25151.95. Now there is a strong support zone for Nifty between 24998 and 24933. 24933 happens to be 50 EMA (Mother's line) as well as mid channel support. This resistance will be tough to conquer for Bears. In case there is closing in an unlikely event below 24933 the next support will be at 24716. On the upper side the next resistances will be near 24193 (weak resistance of ATH). 25294 and finally 25411. 25411 is an important Fibonacci resistance which will be tough to conquer. In case we get a closing above 25411 next month or so the doors for 25840 in the medium to long run will open.
words of Wisdom:
All The boats go up in a tide so go for fundamentally strong stock which have good thematic future rather than momentum traps. Pick Fundamentally strong stocks which are giving a technical breakout.
To know more about stock selection read my book The Happy Candles Way to wealth creation available on Amazon.
words of Wisdom:
All The boats go up in a tide so go for fundamentally strong stock which have good thematic future rather than momentum traps. Pick Fundamentally strong stocks which are giving a technical breakout.
To know more about stock selection read my book The Happy Candles Way to wealth creation available on Amazon.
Happy Candles Investment
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