Nifty reclaims 20000 Mark, Time for new life time high?Nov 30, 2023
Nifty reclaims 20000 Mark, Time for new life time high?
Yes!! It is possible to derive path for Nifty using advance tools like Time cycle, FLD along with simple price indicators. Will Nifty make new fresh time high? See detail research below to find out path ahead for coming session for Nifty!
Following research is picked up from our Daily Equity Report which our subscribers receive daily before market opens.
Nifty Daily chart with FLD:
Nifty 60 mins chart:In the previous session, Nifty opened with a gap up with almost 87 points in the previous session. Prices showed a perfect rally which was much awaited after days of consolidation. Nifty ended the session up by 1.04% at 20096.
In the previous session, Nifty surpassed 20k mark after almost 2 months of span. Nifty achieved our target of Gann level which we have been mentioned since past few days at the start of the session. Afterwards prices gave a decisive breakout above 19952 and achieved our target of 20051 which is 61.8% of wave g to that of wave a precisely as expected. On the daily chart, FLD crossover has happened which a positive sign and as per this target comes near 20700 levels. The current rise is in form of primary wave (e) which opens possibility of a big diametric pattern.
On the daily chart, we can see that prices completed its journey towards the upper bands. If buying continues we may witness a breakout of the bands soon. Prices are now approaching previous record high which is near 20222. However, on the hourly chart we can clearly see that RSI is in overbought territory so possibility of sudden reversals cannot be ruled out. Today is going to be a monthly F&O expiry so volatility is going to be higher. As per OI data, 20000 strike can act as a important barrier.
In a nutshell, Nifty crossed 20000 mark after 2 months of span. For now, use buy on dips method to ride the trend with our primary target of wave g which is near 20200 levels. On the downside 19870 can act as a near term support.
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