Nifty Weekly Analysis, 28-08-2023
Updated
Nifty seems to be taking a pullback after being in a nice uptrend since April. But this does not seem like a change in trend just yet, more like a temporary cooling down and I would certainly be waiting for a positive price action which would probably happen sometime next month.
Comment
Trendline is being breached as I type, if price holds above it for a couple of days, its time for fresh buying!Comment
Price rejected the breakout of the trendline and has now gone back to below it, which is why I mentioned to wait for a day or two to see if the breakout is a sustainable one. Might see a minor downtrend or a sideways NIFTY for a few days. That said, broader indices are still quite bullish and even Nifty remains in an uptrend on larger timeframes, as long as NIFTY is above 18600 levels.
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