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Daily analysis : INFORMATION REGARDING NEW BATCH

New Batch For :

  Technical Analysis Weekday batch starts 07th January 2020.

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Weekly analysis : CATCHING UP WITH THE NIFTY - 26/06/2020

CATCHING UP WITH THE NIFTY – 26/06/2020.

 

61.8% RETRACMENT STRIKES.

 

The current Rally was not only huge but also very sharp and fast. It is so typical of a Bear Market Rally which creates doubts in the minds of Market participants whether a Bull Market has resumed. Even though the Nifty has managed to close above the 200 WeeklyMA, the Weekly candlestick formation is a Neutral formation and raises doubts regarding the current Upward Rally. More importantly, both the indices hit a roadblock in the form of 61.8% Retracement (Nifty 10551) by forming a Bearish Engulfing on daily charts. This suggests a Short Term Reversal unless Nifty closes above 10553. Hence in the near term, Nifty can consolidate between 10500-10000.

 

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