Good morning friends,
First of all, it is looking like Nifty will never correct. Look at above chart pattern on daily chart. It has a flag pattern and breakout. This is a kind of pattern which has a history of denying correction. Even if correct comes it will not noticeable enough.
Look at magnitude of rally. So far, we witness rally of 2000 points in on go. It has started from 15500 from 28 July. So in just 1.5 months it came at 17500.
More than joy, it looks scary now.
Option data is just not greatly in favour of such rally but every technical charts sought for Buy - Buy - Buy.
Now, trader has take a call what to listen. Risk reward is alarming. It is mainly new investors money which run even with this risk. This can be only propelling force.
Someday Some time market will come under gravity and it will deny all technical indictor for fall.
I just prefer to stay out and watch it from outside rather than participating.
What's for the day?
Resistance - 17600 (Based on option data, due to expiry)
Support - 17450 (Based on charting and option data)
Happy Trading.
