Hi All,
As expected, Nifty surged after surpassing the levels of 10850 and today closed near 10970 levels.
Markets have crossed most of the resistances and now the final hurdle can be near 11050-11100-11170
Moreover, Nifty managed to cross and even close above the prior high of 10941 which is a very good sign as per Dow theory - Higher Top.... Higher bottom formation.
Also, Nifty has closed above the Supertrend on daily chart which is another encouragement for bulls, and now 10540-10500 levels will act as Supertrend support as well.
Nifty should now sustain these levels and surpass the resistances mentioned above.
Technically even the mid term bias has changed to positive, however I would like to wait for a while. Nonetheless, the recent bottom near 10333 becomes very crucial now and will be foundation support hereon, below which Nifty can even break previous bottoms near 10k levels.
Cheers
Hrishi
As expected, Nifty surged after surpassing the levels of 10850 and today closed near 10970 levels.
Markets have crossed most of the resistances and now the final hurdle can be near 11050-11100-11170
Moreover, Nifty managed to cross and even close above the prior high of 10941 which is a very good sign as per Dow theory - Higher Top.... Higher bottom formation.
Also, Nifty has closed above the Supertrend on daily chart which is another encouragement for bulls, and now 10540-10500 levels will act as Supertrend support as well.
Nifty should now sustain these levels and surpass the resistances mentioned above.
Technically even the mid term bias has changed to positive, however I would like to wait for a while. Nonetheless, the recent bottom near 10333 becomes very crucial now and will be foundation support hereon, below which Nifty can even break previous bottoms near 10k levels.
Cheers
Hrishi
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