Good Morning Friends,
If you the hourly chart pattern, the last two days of trade are quite similar. Recovery continues through out the day. One bottom at 15450 and next at 15505. Now it has closed above 15700 levels. This has generated a great momentum.
The next meaningful resistance will emerge at 15800 to 15900 levels. Momentum can definitely take Nifty towards those levels.
It may give you a sense of double top formation and hence this recovery may halt at 15850 to 15900 levels. So, again I am advising cation at top. Although, I still feel that Nifty should have tested 16000 levels but that depends on how it react at 15900 level.
If it has to strength then buyers has to show their power today.
Happy trading
