#Nifty - Should see a pullback/sideways movement in near future
Updated
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Nifty has had a good uptrend from the past few sessions after breakout from the ascending triangle and has been rallying since 17th June.
But this kind of move has to stop somewhere and at which point we may see either a big retrace or a side ways market for sometime.
Nifty is now approaching the 0.382 fib level (see image below) which is close to the 10.5K level (whole number resistance), and there we can see some sellers stepping in or profit booking occurring, so keep and eye on those levels.
This may be a good time to start booking some profits if you are long from a low level.
But it would be recommended not to initiate new buying at these levels and rather wait for a pull back after which you can decide.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
NIFTY - 69 (bullish)
The market can stay irrational longer than you can stay solvent - John Maynard Keynes
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
Nifty has had a good uptrend from the past few sessions after breakout from the ascending triangle and has been rallying since 17th June.
But this kind of move has to stop somewhere and at which point we may see either a big retrace or a side ways market for sometime.
Nifty is now approaching the 0.382 fib level (see image below) which is close to the 10.5K level (whole number resistance), and there we can see some sellers stepping in or profit booking occurring, so keep and eye on those levels.
This may be a good time to start booking some profits if you are long from a low level.
But it would be recommended not to initiate new buying at these levels and rather wait for a pull back after which you can decide.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
NIFTY - 69 (bullish)
The market can stay irrational longer than you can stay solvent - John Maynard Keynes
Note
Nifty got rejected from the 0.382 Fib level.
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