NIFTY 04 JUNE 2021 : NIFTY may extend gain towards 15800 levels. Caution but no threat of big correction.
Good Morning Friends,
From past three trading sessions, we observe that market has bought each intraday fall and this is the great sign of strength. As long as bulls are ready to buy we can say that market has interested buyer on some x,y,z hope. Momentum is in favour of bulls.
Meaningful support will be at 15650 and at 15600 levels. We can expect some good support @ 15460-1520 zone even if any fall extend.
ON higher side what I did is, I plot Fibonacci retrenchment against the fall from 15432 to 14151. One can see that 1.272 time will come at 15787 levels.
This can be a possible target now.
For interested short seller - Well, unexpected is nothing if want to predict a top. I can say this market usually don't fall significantly without atleast one big red candle. Now, every intraday dip has bought. So, be careful.
Happy Trading
Praveen Kumar
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