An engulfing candle on the weekly close is good for the index as it has closed near the new high.
The coming week can give a bullish move too. It has started trading above the resistance level of 21800 and closed somewhat 100 points higher after the break out.
Major support levels :- 21720, 21600 and 21500
Still market is trading above the break out, either it will continue the up move or will show a break out failure.
Watch for the market as there are chance of it testing 22k levels first and then giving a retracement.
Initiate trade as per the setup and price action. Indicator may show otherwise in smaller time frame. So go for higher time frame for analysis.
The coming week can give a bullish move too. It has started trading above the resistance level of 21800 and closed somewhat 100 points higher after the break out.
Major support levels :- 21720, 21600 and 21500
Still market is trading above the break out, either it will continue the up move or will show a break out failure.
Watch for the market as there are chance of it testing 22k levels first and then giving a retracement.
Initiate trade as per the setup and price action. Indicator may show otherwise in smaller time frame. So go for higher time frame for analysis.
Finally, Nifty has closed above the 22k mark and is in a bullish trade.
Index is going up and not giving any intraday opportunity as there are gap up while it is going up and consolidation for a halt.
High chances of another gap up are there. It is travelling as it has travelled in the past.
Bullish trades can be take with a proper price action setup and calculated R:R ratio. Else it would be wise to avoid trading in the index.