Nifty after rallying 28% started consolidating and drifting down.
5815 being 23.6% Fibonacci retracement, Nifty may see tomorrow those levels before a bounce back towards 5975 - 5990. Nifty already made a low of 5835.80 and may be in another moment it may touch those 23.6% levels.
Short Term:
Nifty is in sideways moving in a very narrow downward channel with support being at 5823 and resistance at 5990. Expecting a budget rally before the announcement of budget towards 5990.
Go long on nifty at CMP with SL at 5815 for a target of 5990. crossing which it may go to the previous highs of 6120.
One can go long on nifty crossing at CMP of crossing 5880 levels.
Long Term:
Nifty is not giving any direction to the long term. Looking at current trend, Nifty may see lower levels in coming months. However we may see a shorter term rallies with news like Budget and RBI rate cut in March. If these news do not support/positive to the market, market may see much lower levels than previous lows.
For now, Wait and watch mode. No predictions towards the longer period. If the budget is good market may resume its uptrend from 23.6% retrancement to new highs.
5815 being 23.6% Fibonacci retracement, Nifty may see tomorrow those levels before a bounce back towards 5975 - 5990. Nifty already made a low of 5835.80 and may be in another moment it may touch those 23.6% levels.
Short Term:
Nifty is in sideways moving in a very narrow downward channel with support being at 5823 and resistance at 5990. Expecting a budget rally before the announcement of budget towards 5990.
Go long on nifty at CMP with SL at 5815 for a target of 5990. crossing which it may go to the previous highs of 6120.
One can go long on nifty crossing at CMP of crossing 5880 levels.
Long Term:
Nifty is not giving any direction to the long term. Looking at current trend, Nifty may see lower levels in coming months. However we may see a shorter term rallies with news like Budget and RBI rate cut in March. If these news do not support/positive to the market, market may see much lower levels than previous lows.
For now, Wait and watch mode. No predictions towards the longer period. If the budget is good market may resume its uptrend from 23.6% retrancement to new highs.
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