After a wonderful short covering rally, nifty is likely to consolidate next week with a negative bias. The trading range would be 17700 and 17400. 17700 stands at 50% Fibonacci retracement of the previous fall and 17400 lies at the support trend line. Strong closing of 30 min candle above 17750 invalidates this view. Happy trading guys.
Trade ativo
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Expected nifty to take resistance at 17700 (0.5 Fibonacci), but nifty faced the resistance at 17800 levels (0.618 Fibonacci). After that, there is consolidation in markets as predicted. Expecting one more day of consolidation with negative bias. Target 17450.