Nifty Short, Medium & Long Term view 26-Aug-24 to 30-Aug-24
Nifty closed at 24823 ( Last week 24413 ) and touched low & high of 24524-24866
As suggested last week, market bounced back and moved up and near to the initial line target of 24900 as shown in the chart.
Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till...
There are two trend triangles formed in the daily chart of Nifty. The larger triangle indicates the long term target for Nifty at 23098. The triangle within that which indicates the medium term range or target of Nifty tells us that current rally can peak near 22326. In the process of reaching these targets the support zones are indicated by the green lines and...
In the short Nifty looks little indecisive. I the medium term Nifty looks solid.
Couple of Dojis after cup and Handle Break Out for NIFTY indicates some tussle between Bulls and Bears. Where Bulls have managed to or are trying to free Nifty from a two year consolidation phase where Nifty was mostly between 16000 and 18000. At the same time Bears are trying that...
Nifty is just below Fibonacci resistance of 16807. Today's high of 16752 to 16807 will be a very difficult zone to cross unless there is gap up opening or strong momentum that takes the NIFTY through the resistance zone. Closing above 16807 will take Nifty to the next FIB level of 17215.
In the medium term if the momentum continues and Nifty is able to cross...
