NIFTY on EOD basis has given a good closing above its previous day high. This is always considered to be a very good bullish pattern. The upcoming resistance will be at the zone of 17774 -17824 (50 Points). The Fibo retracement of 0.33 lies in this zone too. A breakout above it will lead the Nifty towards 18071.
CHART & ANALYSIS ADARSH DEY
Сделка активна
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1st Target Reached. Currently Nifty is in the first resistance zone(17774 -824)
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The Resistance Zone was respected. Fresh Up move can be once the resistance zone is Broken.
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On 9th March NIFTY took resistance by making a high at the exactly at 17772 just "2 points" away from the mentioned level of 17774. Currently the support zone stands to be at 17467 - 17347
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As mentioned previously the support zone stands to be at 17467 - 17347, Nifty made a low near the lower band of the support zone. The low was made just "23 Points" less than 17347 at 17324. The candle formed today has longer lower wick forming a hammer kind of pattern. However a bullish candle is needed on the next day for a confirmation of Buy.