NIFTYSince the recent breakout from 9000-9150 zone, Nifty has started to look quite bullish. We have seen 3 days of constant bullish moves in Nifty and it is currently at the 9580 level. This level has acted as resistance earlier but Nifty got rejected one day after crossing this zone. Nifty is going to re-test this zone again and a break out from the it could again lead to a bullish rally.
Also, Nifty is forming a ascending triangle pattern on the daily chart which is a bullish in nature.
There is a chance we can see a small retrace since we had 3 days of constant bullish action before Nifty tries to break out from the pattern. But anyhow, for the near short term future Nifty looks bullish.
We are seeing positive action in some other symbols such as US30, SPX, CRUDEOIL etc also. So, overall sentiments seem to be positive
Though, one thing we should always keep in mind is that if the pattern fails and Nifty starts to go down, we can see start of the next wave of down move. The number of corona virus cases is rising in India and we will have to see if that starts to affect the Indian market again.
Daily RSI
Nfity - 59 (Leaning Bullish)
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Note
Breakout happened as anticipated! We may see a retrace in coming near future.
Will post a fresh new chart update soon!
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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.