Medium Term Trend: ☝ UP (Changes to down below 14450)
Nifty @ 15175 UP 270 points - Exhibiting super strengthIn last 15-20 trading sessions Nifty has shown remarkable strength and it has moved from the lows of 14250 to 15100 (almost 900 points) which is very much in line with what we had been predicting from last couple of months. We had repeatedly been saying that the current downmove which we are seeing is just a consolidation move and once its over Nifty is likely to open a fresh leg on the upside. All the negative news (Corona cases etc) is only going to act as a fuel for the rally.
Wave count posted in 14th April post
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| Nifty Daily Till 14 Apr |
How Nifty Actually folded
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| Nifty Daily Till 21st May |
Now that we have seen a clear breakout its highly likely that Nifty is heading towards its all time high ( 15400) levels and may be beyond that. Market is strong and its gaining strength by each passing day which is evident from the higher highs and higher lows. 15000-15050 was a strong resistance for Nifty which has been cleared today (final hope for bears is gone now). Today we have seen a huge amount of OI buildup in May15K put which suggests market is likely to trade above this level till expiry atleast.
On upside we have some resistance around 15400 levels (previous high) and beyond that 15600 and on the downside we see strong support at 14900-15K band. Any weakness is likely to find support at these levels. For bears to seize the initiative they must break below 14840-50 levels in next 4-5 trading sessions ( before expiry) failure to do so will only add more strength in Bull's camp. Below 14850, final support lies at 14450 levels and till the its not broken, the overall trend is likely to remain on the upside.
Happy Trading!
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