Bullish Nifty Analysis, Road to 17600 or a Reversal
After breaking 15900 level Nifty has been making new lifetime high almost every week or day. To be honest I haven't expected Nifty to rally 1400 points within a month.
What now? After a fantastic 1400 point rally we can expect a retracment or correction. But there is a possibility of Nifty touching 176000 if Nifty gives breakout above 17460-17480.
This Analysis is based on Nifty's price movement behavior. A possible reversal up to 17000 is expected as per price action. And if you draw Fibonacci level from the last bottom of Nifty which is 15500 to present top 17440 then you will see 17000 level is showing as 23% retracement zone.
Let me know your thought in the comment section. Thank you
What now? After a fantastic 1400 point rally we can expect a retracment or correction. But there is a possibility of Nifty touching 176000 if Nifty gives breakout above 17460-17480.
This Analysis is based on Nifty's price movement behavior. A possible reversal up to 17000 is expected as per price action. And if you draw Fibonacci level from the last bottom of Nifty which is 15500 to present top 17440 then you will see 17000 level is showing as 23% retracement zone.
Let me know your thought in the comment section. Thank you
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