Update 17th april 10.45 PM
Bullish observations -
After a nice rally till, 9260, Nifty fell sharply and took support near the 23.6% retracement of the entire rally from 7500 to 9260 (marked with Green retracements).
After creating a new high near 9320 today, Nifty continued the Higher Top Higher Bottom formation
Bearish observations -
However after creating a new high, Nifty has now taken a resistance exactly at 38.2% retracement near 9320 (Red retracements) , this is a concern and any upside only possible when Nifty sustains above it. After that 50% retracement is near 9880 and 61.8% retracement near 10450...
Supports - 9120-9050-8950-8910-8860-8820-8800, and then as mentioned below
Resistances - 9250-9310-9330, and then as mentioned below
Unless Nifty sustains above 8800, the bias should be up and one can look at buy on dips with supports in mind.
Cheers...
Hrishi
Bullish observations -
After a nice rally till, 9260, Nifty fell sharply and took support near the 23.6% retracement of the entire rally from 7500 to 9260 (marked with Green retracements).
After creating a new high near 9320 today, Nifty continued the Higher Top Higher Bottom formation
However after creating a new high, Nifty has now taken a resistance exactly at 38.2% retracement near 9320 (Red retracements) , this is a concern and any upside only possible when Nifty sustains above it. After that 50% retracement is near 9880 and 61.8% retracement near 10450...
Supports - 9120-9050-8950-8910-8860-8820-8800, and then as mentioned below
Resistances - 9250-9310-9330, and then as mentioned below
Unless Nifty sustains above 8800, the bias should be up and one can look at buy on dips with supports in mind.
Cheers...
Hrishi
