Hey Hardworking traders! Here's a quick update on the Nifty 50 index's recent journey and its future outlook-
Nifty highlights:
>>So, It has been a roller coaster ride for NIFTY, It has witnessed multiple obstacles, Be it after Covid affects be it Russia-Ukrain war, High inflation and interest rate hike.
>>These macro incidents combined together resulted Index to stay sideways. But the game changed in June, when it broke out and nearly touched 20,000.
Current Market updates/My views
>>Right now It seems to be in a correction mode and hanging around 19300 level. "Looking at the chart, we can draw a line connecting the highest points, showing the resistance at 18800. Also, using the pivot point indicator, we identify a support level at 18800.
>> Do not get worried here, Think like this way, Every time an Index or a stock gives breakout then it suppose to retrace all the way to its Breakout level, which makes its breakout more prominent.
>>Though the numbers are dropping, does not mean the celebration is over. Track closely how it behaves near the new support area and plane your Trades accordingly. If it retraces to Breakout level I am going to aggregate more.
Keep in mind, Technical helps but it is just one part of the equation. So, stay updated with the world news, Big Financial decisions and market sentiments to understand the complete picture.
Do consider pressing the boost button🚀🚀, It helps me bring more interesting analysis. And if you've any question and suggestion please feel free to post in comment section.
Note: This is for informational purposes only. Do your own research before investing.
Nifty highlights:
>>So, It has been a roller coaster ride for NIFTY, It has witnessed multiple obstacles, Be it after Covid affects be it Russia-Ukrain war, High inflation and interest rate hike.
>>These macro incidents combined together resulted Index to stay sideways. But the game changed in June, when it broke out and nearly touched 20,000.
Current Market updates/My views
>>Right now It seems to be in a correction mode and hanging around 19300 level. "Looking at the chart, we can draw a line connecting the highest points, showing the resistance at 18800. Also, using the pivot point indicator, we identify a support level at 18800.
>> Do not get worried here, Think like this way, Every time an Index or a stock gives breakout then it suppose to retrace all the way to its Breakout level, which makes its breakout more prominent.
>>Though the numbers are dropping, does not mean the celebration is over. Track closely how it behaves near the new support area and plane your Trades accordingly. If it retraces to Breakout level I am going to aggregate more.
Keep in mind, Technical helps but it is just one part of the equation. So, stay updated with the world news, Big Financial decisions and market sentiments to understand the complete picture.
Do consider pressing the boost button🚀🚀, It helps me bring more interesting analysis. And if you've any question and suggestion please feel free to post in comment section.
Note: This is for informational purposes only. Do your own research before investing.
