NIFTY 03 JUNE 2021 : Bounce is likely to continue to challenge for another new all time high.
Good Morning Friends,
We need to accept that buyers are terribly strong right now. Nifty hit a high at 15660 and corrected to 15460. This correction would not even lasted for intraday, its bought. WoW, its bought intraday and market must some message for us.
The message is loud and clear. Market can see some more extension. I used Nifty Hourly chart to explain as daily chart remains same. Previously hourly consolidation peak act as support for bounce.
On other hand, once again rise is dominated by index heavy weight like Reliance and SBIN so action is limited. Hence, be alert from unexpected moves too. Unless, small cap indices starts under performing, we cannot thing for any significant correction.
One can have short for intraday as opportunity but don't forwards. Accepts it, bulls are strongly.
Logically, 15660 is first levels to be challenged by market.
Happy Trading,
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