We know we are in strong bear market & we trading in a big trading range (2600-3200). GDP result drags the us market but reaction not to much by market maker.From here now dow max fall to 7800 area in this current phase because dow monthly charts suggests bullish divergence i.e. big bear market rally is underway. Before starting this rally some noise will definitely come that has happening now . Dow 15 min/30 min chart suggest dow will bounce monday or tuesday.Keep it in mind dow weekly charts suggest some fall from current level.
ok, come to our market. We have made bullish belt-hold candle on last trading day followed by bullish engulfing followed by indecession candle, deceissively closed above important resistance level, weekly charts suggest rally will not fizzled out soon. Very short term chart suggest market will fall due to overbought. India VIX continue to south direction. So all paramitters including global scenario suggest nifty will retest 2800 may be 2750 level if 2% gap down open on monday & strong chance bounce from there to kiss 3000 level within this week .
If market ignore us GDP data then market will face strong resistance at 2900-2920 level in the early part of the week & if nifty suatain that level then it will definitely face strong hurdle at 3000 level &chances are high mkt will retrace temporary to 2830-2850 level & from there mkt will move north direction.
This is my view with the help of current evidence in chart & if chart damaged by strong bears/geopolitical news then we may see 2600 max but possibilities are very thin. Next week will be volatile with positive bias, this expectation comes as per last week trading data.
Remember It is my view, don't trade as per my explain without your analysis.
Happy trading
Pra
ok, come to our market. We have made bullish belt-hold candle on last trading day followed by bullish engulfing followed by indecession candle, deceissively closed above important resistance level, weekly charts suggest rally will not fizzled out soon. Very short term chart suggest market will fall due to overbought. India VIX continue to south direction. So all paramitters including global scenario suggest nifty will retest 2800 may be 2750 level if 2% gap down open on monday & strong chance bounce from there to kiss 3000 level within this week .
If market ignore us GDP data then market will face strong resistance at 2900-2920 level in the early part of the week & if nifty suatain that level then it will definitely face strong hurdle at 3000 level &chances are high mkt will retrace temporary to 2830-2850 level & from there mkt will move north direction.
This is my view with the help of current evidence in chart & if chart damaged by strong bears/geopolitical news then we may see 2600 max but possibilities are very thin. Next week will be volatile with positive bias, this expectation comes as per last week trading data.
Remember It is my view, don't trade as per my explain without your analysis.
Happy trading
Pra
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