Just some observation on weekly chart - After breaking out of 14474-77 levels in 1st week of Feb, Nifty has re tested this level 5 times, made new lows but weekly closing has never been below 14474-77 as of now. And 14474-357 looks like a good demand zone on weekly chart. Also a hidden bullish divergence is observed in the chart. So view would continue to be bullish as long as weekly closing is not below the above mentioned levels.
Comment:
Currently Nifty is trading below the weekly mentioned levels of 14474. Can expect more downside if stays below this by end of the week. Also, 14220 level is an important level on Daily time frame. Will confirm downside if closing below it.
Comment:
Last week Nifty closed below 14474 on Weekly time frame but 14220 has been acting as a very strong support and that level has been tested multiple times but never breached. And today, Nifty has bounced back and closed at 14488. My view is bullish until it doesn't close below 14220 for 1st target of 14883.
Comment:
Nifty has made high of 14889 and that completes our first target of 14883 :) Now Nifty needs to close above 14883 for further upside.
Trade closed: target reached:
Target of 14883 done but did not sustain above it. So closing this call.