Nifty closed above 17800. D to D basis up 179 points.
Above 17500/17650 Nifty already tested our 1st weekly projection 17777/17825. Bulls aim to hit the 2nd goal 18000-18150 to 18200.
Nifty formed a strong bullish candle with a long lower shadow. Technically W formation & Right arm of “W” is expanding. Three white soldiers pattern that is used to predict the reversal of the current downtrend.
Any dip or correction can be used to add long positions on the Nifty.
Year ending day of the year 2021 & 1st 2 trading sessions of the new year 2022 Nifty rose almost 600 points from 17200 to 17800. Momentum actually started after 20-30 mov bullish crossover around 17200/250 mark. More bullish strength resumed after crossing 17500 & 17650.
Yesterday initially faced hurdle 17777 that was 61.8% retracement hurdle of the previous fall from 18604 to 16410 = 2200 points correction but taking support at 17650 further bounced back. Not only crossed 17777 but also moved upto 17827 & closed above 17800 at 17805.
Now coming immediate projected range be on the upside :- 18000/18150 & on the downside :- below 17765/17650 – 17500 <+/-20>. Then next slabs.
As per long term monthly chart buy started from 17350 < bulls stop > hope to test 18200-18600 & above.
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