Nifty has almost completed its retracement journey and today it filled the gap(yellow zone) too which was left in March.
Most likely Nifty should start downwards journey and it will only start if Nifty will come out of the yellow zone downside.
If Nifty breaks the red resistance line at the top then it will go above 11600 and will make a new high which is less likely looking at few scenarios but can happen.
In my last post on 20th August I mentioned the below line,
"If Nifty pullback from trend line now then it will go onwards to make a new high more than 11462. "
And Nifty did make a new high of 11497.
But currently Nifty is in tight triangle formation where red is resistance and black trend line is support.
Play safe and Happy trade :)
Note: Views only for educational purpose. Consult your financial advisor before any trade.
Most likely Nifty should start downwards journey and it will only start if Nifty will come out of the yellow zone downside.
If Nifty breaks the red resistance line at the top then it will go above 11600 and will make a new high which is less likely looking at few scenarios but can happen.
In my last post on 20th August I mentioned the below line,
"If Nifty pullback from trend line now then it will go onwards to make a new high more than 11462. "
And Nifty did make a new high of 11497.
But currently Nifty is in tight triangle formation where red is resistance and black trend line is support.
Play safe and Happy trade :)
Note: Views only for educational purpose. Consult your financial advisor before any trade.
