Hello All,
We can see a clear flag and pole is forming in weekly timeframe. I expected that Nifty and Banknifty both will breach their all time highs in the latest bull rally. But due to global market conditions Indian markets also affecting.
Last week we saw bearish view in first 4 days but Friday rise alone tallied the entire week after RBI announced the 50 bps hike.
In long term Nifty/Banknifty both are rising only in that case we are having the correction phase now. As per the Flag and pole pattern breakout has happened and Friday move was look like retest. If the bulls take over again then we can see the all time high even before December.
On the other hand US markets are falling like anything and touching new lows on day after day.
This view is purely for knowing where the market is going to be in coming weeks.
Always trade carefully with proper SL because it’s your hard earned money.
Please note this is just my observation and purely for educational purposes only. Consult with your financial advisor before taking any trade.
We can see a clear flag and pole is forming in weekly timeframe. I expected that Nifty and Banknifty both will breach their all time highs in the latest bull rally. But due to global market conditions Indian markets also affecting.
Last week we saw bearish view in first 4 days but Friday rise alone tallied the entire week after RBI announced the 50 bps hike.
In long term Nifty/Banknifty both are rising only in that case we are having the correction phase now. As per the Flag and pole pattern breakout has happened and Friday move was look like retest. If the bulls take over again then we can see the all time high even before December.
On the other hand US markets are falling like anything and touching new lows on day after day.
This view is purely for knowing where the market is going to be in coming weeks.
Always trade carefully with proper SL because it’s your hard earned money.
Please note this is just my observation and purely for educational purposes only. Consult with your financial advisor before taking any trade.
