NIfty a 3day movement in one day
Yesterday, the Nifty chart and levels were shared, and today, the market opened with a gap up, reaching the resistance level that was previously marked at 19854. From this level, selling pressure emerged, resulting in the market touching the 50% Fibonacci retracement level at 19600. Over the past four days, the market has been consolidating with significant volatility, ranging from 19600 to 19850. It is worth noting that the market has shown respect towards these levels, further highlighting their significance.
Tomorrow, if the market opens with a gap down or remains flat, selling pressure may persist, and there is a possibility of a sharp fall only if the market goes below the level of 19602. However, if by any chance the market opens with a gap up, there is a further chance of an upward movement due to short covering. The levels to watch for on the upside are 19732, 19801, and 19854. A further rally can only be expected if the market surpasses the level of 19854, while a downside movement can be anticipated if the market goes below 19602.
Tomorrow, if the market opens with a gap down or remains flat, selling pressure may persist, and there is a possibility of a sharp fall only if the market goes below the level of 19602. However, if by any chance the market opens with a gap up, there is a further chance of an upward movement due to short covering. The levels to watch for on the upside are 19732, 19801, and 19854. A further rally can only be expected if the market surpasses the level of 19854, while a downside movement can be anticipated if the market goes below 19602.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.