Nifty (India) Due for Correction in Bull Run Impulsive Wave A
On Daily Basis:
Nifty Index of India pierced the strong resistance at 16676 then 200 DMA at 17000. It signifies Impulsive Wave A of Bull run starting from 15280 and has a resistance at 18053. On RSI, Nifty is into deep overbought territory and a corrective wave ABC should start anytime. 200 DMA is now a support and 38% Fibonacci correction from 18050, the level of support comes to 17000. In such corrective move, Mid Cap and Small Cap tend to perform well. Exit at around 18000 level and to buy at 17000 should be the trade zone for Nifty. Short only for short term basis only.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
Nifty Index of India pierced the strong resistance at 16676 then 200 DMA at 17000. It signifies Impulsive Wave A of Bull run starting from 15280 and has a resistance at 18053. On RSI, Nifty is into deep overbought territory and a corrective wave ABC should start anytime. 200 DMA is now a support and 38% Fibonacci correction from 18050, the level of support comes to 17000. In such corrective move, Mid Cap and Small Cap tend to perform well. Exit at around 18000 level and to buy at 17000 should be the trade zone for Nifty. Short only for short term basis only.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.