Post Market Analysis & Outlook of the Setup
The markets is making new highs daily. For the long term, we are bullish, however, after such a move, the market might see some correction. Investors are advised to keep trailing stop losses to their positions,
Technically, Nifty has formed a strong bullish candle on the weekly charts which is broadly positive.
On daily and intraday charts, it also maintains a breakout continuation formation indicating further uptrend from the current levels.
While the short-term trend remains positive, some profit-booking could be in the offing as traders may prefer to book some profits near 17,500 resistance level.
For the trend following traders, 17,150 and 17,000 could be the important support levels while on the flip side, 17,500 and 17,700 could act as important resistance levels.
Nifty is now headed for 17,375 and 17,400 in the coming few trading sessions. The levels of 17,200 and 17,280 will act as strong support levels(Intraday Basis) for the benchmark index.
Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 17,150.
Technically, Nifty has formed a strong bullish candle on the weekly charts which is broadly positive.
On daily and intraday charts, it also maintains a breakout continuation formation indicating further uptrend from the current levels.
While the short-term trend remains positive, some profit-booking could be in the offing as traders may prefer to book some profits near 17,500 resistance level.
For the trend following traders, 17,150 and 17,000 could be the important support levels while on the flip side, 17,500 and 17,700 could act as important resistance levels.
Nifty is now headed for 17,375 and 17,400 in the coming few trading sessions. The levels of 17,200 and 17,280 will act as strong support levels(Intraday Basis) for the benchmark index.
Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 17,150.
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