Nifty is currently navigating a complex wave pattern in the short term following the completion of Wave 5. This has established a fresh resistance zone at the all-time high, ranging from 21023-21044.
**Potential Scenarios:**
1. *Bullish Momentum:* A breakthrough in this resistance zone (21023-21044) would instill confidence in buyers, prompting cautiousness among sellers. This could drive prices to the next minor resistance zone around 21095-21112 (21100), where profit booking may occur. While a retracement is likely, sustaining this zone may lead to further upward movement, with buyers eyeing the 21300 level.
2. *Bearish Momentum:* If buyers engage in profit booking and fail to attract new participants in the range of 20950-20930, sellers could exert downward pressure, pushing prices towards 20828-20803 (20800). A directional change becomes plausible around this level. A breach below 20800 may signify a downside move, triggered by price action.
Investors and traders should closely monitor these critical levels to gauge potential market movements and make informed decisions.
**Potential Scenarios:**
1. *Bullish Momentum:* A breakthrough in this resistance zone (21023-21044) would instill confidence in buyers, prompting cautiousness among sellers. This could drive prices to the next minor resistance zone around 21095-21112 (21100), where profit booking may occur. While a retracement is likely, sustaining this zone may lead to further upward movement, with buyers eyeing the 21300 level.
2. *Bearish Momentum:* If buyers engage in profit booking and fail to attract new participants in the range of 20950-20930, sellers could exert downward pressure, pushing prices towards 20828-20803 (20800). A directional change becomes plausible around this level. A breach below 20800 may signify a downside move, triggered by price action.
Investors and traders should closely monitor these critical levels to gauge potential market movements and make informed decisions.