28600 Multiyear Support for NiftyPrevious Multiyear Resistance now Act as a Multiyear Support . So now Nifty50 Equal Weight Price Trading near multiyear Demand zone (low risk zone).
NIFTY50EQUALWEIGHT trade ideas
Bullish on Nifty equal weight relative to Nifty 50?Nifty 50 Equal Weight index to Nifty 50 index relative strength (NIFTY50EQUALWEIGHT/NIFTY) chart seems to have broken out of an ascending triangle type consolidation on the weekly time scale.
The price action on the relative strength chart has broken out of the consolidation and has completed the retracement on the support/resistance zone. Will we see a continuation of the bullish breakout?
If the breakout is successful, we are likely to see bullish price action on PSEs, PSU Banks, Pharma, and Metal stocks while Banks and IT stocks are likely to face headwinds.
Bullflag while the rest of the world was divingNifty 50 has been the best performing index since the pandemic; and is now printing a bullflag. It has been coiling for the past 6 months while the rest of the world was taking a deep dive. I expect the parabolic trend to resume imminently
INDEXNSE: NIFTY_50
Analysis :- 22-01-2021
BULLISH :- GO FOR BUY TRADE
TARGET :- 14,693.35
STOP-LOSS :- 14,567.20
