Nifty showed a fantastic rally last week from 15700 to currently around 17200. Nifty closed at about 200 DMA yesterday. Today opened well above 200 DMA at around 17200 levels and presently showing the green candle for the day. Bulls finally succeeded in taming the bears in the rally. Investors got an excellent opportunity to buy in panic situations. Crude oil prices controlled well below the $100 mark. All the above factors are a good sign for global economies. The resistance levels based on Gann Square of 9 are 17600, 18300, and Fibonacci resistance levels are 17371, 17500, 17602. The support levels based on Gann Square of 9 are 16950, 16300 and based on Fibonacci are 17227, 17140, 16813, 16685. SuperTrend, Smoothed Heiken Ashi and Follow Line Indicators are all green in 5 Min chart, 15 Min Chart, 30 Min chart, 1 Hr Chart, and 4 Hr Chart. Follow Line Indicator and Smoothed Heiken Ashi are already bullish in the daily chart. If the Nifty crosses 17330 levels, the super trend will also turn green in the daily chart.
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