Nifty50 expected to go on retracement path.

What is in store this week:

Nifty50 went on a steep climbing path from 27 Oct 2023 onwards and it has gone way too far away from the consolidation zone and that is why some retracement is expected in coming days.

On Daily candle chart, nearby resistance is seen at 21778 while 20194 is a solid support.

Combined Futures Index positions of FIIs+DIIs data shows that they are holding appx 12% Long positions more than short positions which shows their optimism and hence after any good dip this week if they do not close their long positions and become net short, the reversal will happen soon.

Keep a hawkish eye on your chart and stay in touch with economic data and index affecting news before jumping in any trade.

Happy trading.