Bottomline:
Nifty50 registered its highest close at 17854, in the last five days of trading. The upside momentum is likely to continue and face its significant resistance at 17973 and 18007. The rally though, till now corrective gives the feel of an impulsive bullishness.
This rally can be corrective for two reasons. First, there are no relations between the two complex waves of corrective decline. Secondly, it is still in a corrective channel sloping downward. The break and close above the upper boundary of the channel are the minimum criteria for the confirmation of the uptrend.
The Indicators and the Oscillators on the chart exhibit neutral behavior.
Crucial Levels: 17813, 17723
Resistance: 17885, 17973, 18007
Support: 17790, 17723, 17657, 17645
Likely Trend Reversal Points
From a Bearish outlook to a Bullish one: Cross and close above the 18007 level.
Continuation of Bearish trend: Inability to cross 18007 and close below 17973
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Disclaimer:
This is intended to provide general and preliminary information to investors/ traders and shall not be construed as the basis of any information decision or strategy. This content is intended to be used and must be used for informational purposes only. It is important to do your own analysis before making any investment based on your own personal circumstances.
