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After such a good green day where we broke out of a important resistance zone, I am expecting another follow through tomorrow for Nifty and BankNifty.
Nifty has cleared two important resistance zones in this move on 18th June:
1. 10K
2. 0.5 Fib level
If 10K holds then we can expect 10330 to be the next resistance zone from where Nifty was previously rejected. That is the top of the gap zone which was created earlier (and gaps tend to act as support / resistance). Though this time we can expect resistance to have weakened.
If by any chance Nifty goes below 10K and holds, then that would be bearish so just keep that in mind. (Always remember - There are no guarantees in the market)
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
NSE:NIFTY - 61 ( Leaning Bullish )
“Never, ever argue with your trading system” - Michael Covel
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
After such a good green day where we broke out of a important resistance zone, I am expecting another follow through tomorrow for Nifty and BankNifty.
Nifty has cleared two important resistance zones in this move on 18th June:
1. 10K
2. 0.5 Fib level
If 10K holds then we can expect 10330 to be the next resistance zone from where Nifty was previously rejected. That is the top of the gap zone which was created earlier (and gaps tend to act as support / resistance). Though this time we can expect resistance to have weakened.
If by any chance Nifty goes below 10K and holds, then that would be bearish so just keep that in mind. (Always remember - There are no guarantees in the market)
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
NSE:NIFTY - 61 ( Leaning Bullish )
“Never, ever argue with your trading system” - Michael Covel