Hello Traders, NIFTY50 failed to set new high's this week. Instead, it set a „pause“ in the uptrend, correcting back to the breakout-level @ 17442 area. This target remains open so far. Note the open gap, shy below the purple trend line. It can be closed by the next trading sessions. A successful test of this area @ 17442 should probably open the door for a „attack“ of the ~181xx area (down-sloping trend-line) in the coming 1-2 weeks. If so to come, the targets on the upside are still valid, including new ATH`s! If N50 should fail to advance to new highs, the targets on the downside area at 16987.90, where a“mini-gap“ has been left by trading on March 16-17! At the hourly chart you will see several more gaps, but to me, the gap's on the daily timeframe are more important. Overall to say, the moves doesn't look complete to either side, and I think it will become more volatile in the next sessions. Have a great Sunday..... Ruebennase
Feel free to ask or comment..... Trading this analysis is at your own risk.....
What a brilliant level of 17442. Bounced exactly from there. I went all in and booked out after riding 120 points. Had a great profitable day. Thanks so much, your levels are just bang on.