If Bank Nifty sustain below 35300-35200 then it will be very first sign of weakness from higher levels. If this goes decisive and in favour of fall then we can see some good action. Warning, Do not short without break of levels on decisive way.
Tuesday, 1 June 2021
NIFTY 01 JUNE 2021 : Nifty @ new all time high. Technical views remains bullish unless we get a negative close.
Good Morning friends,
Fueled by multiple factors, Nifty breaks its previous alltime high and run continues even yesterday. Its a daily market analysis but I am presenting a weekly chart to show you long term picture. Almost everything is clear from above chart which is showing the importance of 15550 resistance mark. Fine, Nifty close above that but caution requires at these kind of levels.
Readers take a caution - I am not saying that this market gave me short signal. No, not at all. We have not even got single negative close above previous alltime high. I am just advising caution. Trade long with lighter volume.
Hourly charts gives us a reason why we cannot be bearish. Have a look, result of every consolidation is a rise. Unless the result of single consolidation goes in favour of bears, market remains us. Let us see today's opening and I will see price at 11 am to trade.
Disclosure - I have very small quantity put long on Nifty from yesterday's last minutes.
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