Short and Medium Term Outlook for NIFTY on Daily chart.
In the short Nifty looks little indecisive. I the medium term Nifty looks solid.
Couple of Dojis after cup and Handle Break Out for NIFTY indicates some tussle between Bulls and Bears. Where Bulls have managed to or are trying to free Nifty from a two year consolidation phase where Nifty was mostly between 16000 and 18000. At the same time Bears are trying that Nifty again falls into the Abyss and stays in the consolidation zone.
One 3 to 5% dip will come in the next couple of months before or just after Nifty reaches near or closes above All time high levels.
Supports for Nifty: 18584, 18508, 18372, 18225 and finally 18011.
Resistances for Nifty: 18661, 18736, 18784 and finally 18887.
Couple of Dojis after cup and Handle Break Out for NIFTY indicates some tussle between Bulls and Bears. Where Bulls have managed to or are trying to free Nifty from a two year consolidation phase where Nifty was mostly between 16000 and 18000. At the same time Bears are trying that Nifty again falls into the Abyss and stays in the consolidation zone.
One 3 to 5% dip will come in the next couple of months before or just after Nifty reaches near or closes above All time high levels.
Supports for Nifty: 18584, 18508, 18372, 18225 and finally 18011.
Resistances for Nifty: 18661, 18736, 18784 and finally 18887.
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