SHORT TERM UPDATE on NIFTY
NIFTY continued with that same similar pattern which have been repeating since last 3 months.
INDEX moved exactly as it generaly moves on expiry day.
A pop higher during the expiry week is something I did discussed in my wednesdays post as well.
Just to put things in prospective series on series NIFTY was up 243 points and out of those 243 points 172 points came on final day of the series.
So this is how things have been for NIFTY and it has been going this way since late january!
Technicaly as i discussed earlier holding intraday lows of 23rd and 24th,APRIL on closing basis NIFTY has potential to test level of 22600 on upside, and on expected lines it did tested level of 22600 yesterday. after testing that level we have again seen INDEX taking a pause.
it looks like we would get a negative daily close today on NIFTY so it would be a first negative daily close for NIFTY after 18th,april.
this could break the momentum for market which have been going higher since 19th,april.
for near term trend for NIFTY is likely to stay positive as long as zone of 22300-22350 is held on closing basis.
both price and time setups would indicate further higher highs holding that support zone.
On upside how high it could go is a slightly tricky question? because levels of 22776-22835-22955 are very strong gann angle resistance on monthly charts of NIFTY! so lets see how it goes in next few days!
since this update is only for short term so i wont re emphasise on what has been going on for medium term.
I already have shared my view multiple times without any filters
So would leave it here for now!
gann,insides 