Hello Traders, NIFTY50 hit perfectly my cited target level @ 17442. What a joy :-)! After touching that level, N50 bounced to the upside and joins a nearly 150 points intraday rally. A huge chance for option traders, but risky! So, what's next for N50? I had to scroll down into the 1-minute chart level, but the advance off the lows is not clear an impulse, The slope of it tells me, that it could be one, but I need more confidence for the next decision. Anyway! As long as the 17442 level is valid, the trend has changed short-term to the upside, and levels at or around the 17595 area are next. If N50 overcomes these areas, the door is open to or around the 17650-17675 are next. Here, an open gap will be close. With positive US markets in the backhand, these targets are in focus within the next hours of trading. A break of the 17442 area opens the door to 17k levels.
Have a great week..... Ruebennase
Feel free to ask or comment..... Trading this analysis is at your own risk.....
Tomorrows closing to decide what happens next .