This is the first time i am sharing my idea on NIFTY 50, Indian Index. Past 3 days were very good for NIFTY. rise of more than 700 points. But now i see downward wedge pattern in Daily chart. Possible scenarios i see here are;
1) Strong resistance at 16000. We should see profit booking here. we may test 15600 again for good pump.
2) If we continue trend above 16000, (possibilities are slightly high) next strong resistance is between 16150 to 16300. we should see strong pull back from this levels to 15800.
American market is following the same trend. So trade carefully.
#IndianExchange #NIFTY50 #StockMarket
Trade closed: target reached
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as mentioned, we are testing levels of 15800, but a good volume of buying should come after testing levels of 15600>. American markets are showing some relief. Crud oil price also coming back to decent levels, Bank Nifty is looking strong. so i believe from here, we'll see testing of 16000 soon.