NIFTY being bullish On 5 Technical patterns
While the markets in red can send jitters, I observed 5 patterns screaming it's a bullish trend soon.
1, Symmetrical Triangle in formation on Daily charts.
2. Taking support at diagonal support line (support 1)
3. If break or long wick, it might take support at another strong(est) diagonal support line (support 2)
4. RSI Divergence on Weekly Timeframe hinting Bullrun is near (Weekly TF)
5. RSI has taken multiple supports around 35-26 levels for years (Daily TF)
Other factors might include:
a) Upcoming budget might have positive effect
b) COVID omnicorn is milder and not hampering any businesses,
c) F&B and Travel industry have fewer restrictions.
d) New demat account on steep climb, MF inflow are good aswell.
e) NIFTY big weights - Reliance, Bajaj Fin, Infy, HDFC bank profits are positive.
f) Export data is recorded high.
1, Symmetrical Triangle in formation on Daily charts.
2. Taking support at diagonal support line (support 1)
3. If break or long wick, it might take support at another strong(est) diagonal support line (support 2)
4. RSI Divergence on Weekly Timeframe hinting Bullrun is near (Weekly TF)
5. RSI has taken multiple supports around 35-26 levels for years (Daily TF)
Other factors might include:
a) Upcoming budget might have positive effect
b) COVID omnicorn is milder and not hampering any businesses,
c) F&B and Travel industry have fewer restrictions.
d) New demat account on steep climb, MF inflow are good aswell.
e) NIFTY big weights - Reliance, Bajaj Fin, Infy, HDFC bank profits are positive.
f) Export data is recorded high.
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