New Record But How Far can The Rally Stretch?
Blockbuster rally makes it a festive Makar Sankranti, Uttarayan, Bihu, Lohri and Pongal for investors but how far can this rally stretch is the question?
I will try to answer the question based on Technical analysis. On the onset let me tell you that predicting exact top and exact bottom in a short term is a very difficult task but The candle today has opened the door that leads us towards 22326 which is a Fibonacci resistance level. Fibonacci resistances are really little difficult to cross and it will require full force of bulls to do so. If 22326 is crossed the next resistance can be near 22769 and 23119. Immediate resistance for Nifty will be at 22115. Supports on the lower side for Nifty are at 21952, 21716 (strong support), 21474 and finally 20928. Closing below 20928 the Nifty can fall to the levels of 19624.
I will try to answer the question based on Technical analysis. On the onset let me tell you that predicting exact top and exact bottom in a short term is a very difficult task but The candle today has opened the door that leads us towards 22326 which is a Fibonacci resistance level. Fibonacci resistances are really little difficult to cross and it will require full force of bulls to do so. If 22326 is crossed the next resistance can be near 22769 and 23119. Immediate resistance for Nifty will be at 22115. Supports on the lower side for Nifty are at 21952, 21716 (strong support), 21474 and finally 20928. Closing below 20928 the Nifty can fall to the levels of 19624.
Happy Candles Investment
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.