Hello Friends
Yesterday I told you that nifty 50 is at its 5MA and always remember 5MA is a very good support and a very good resistance.
Also I told you that market is still sell on rise. Today market opens as huge gap down
Opening at 17338 and made a high 17355 and then a fall upto 16985. Hope that put buyers have made some good money.
Now what is next
Daily chart analysis- As per daily analysis nifty will travel upto 16758. But on Monday there may be a consolidation.
Weekly chart analysis- nifty crosses it's weekly 20 MA it means still nifty is sell on rise in coming weeks we can see nifty at 16000 level.
Monthly chart analysis- on monthly chart nifty is at its 5MA and it acts as support as well as resistance so friends there may be a little bounce but overall market is in selling pressure.
Thanks friends I hope you all are enjoying my analysis.
Pls do your own analysis before taking a trade if you all wants any support from me then pls comments on my blogs.
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