CautiousChartist

NIFTY - Correction expected from next week.

NSE:NIFTY   Nifty 50 Index
Nifty will face strong resistance from Monday first at 10648 and if it manages to cross that then again immediately at 10788.

Also the larger pattern in which it has been moving is a Rising Wedge and a correction towards the bottom line of the wedge 10333 is expected.
Comment: Nifty has taken the market by surprise with its fierce movement today but a close above 10768 is essential for a confirmation of a fresh uptrend and nullifying the rising wedge pattern. Let's hope it does tomorrow.
Comment: Candles are respecting the trend lines . Lets see how it opens on Monday.
Comment: Seems like the Rising Wedge has been nullified for the moment and Nifty may go to 11075 next week but weakness from there cannot be ruled out.
Trade closed manually

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