nifty has created a classic cup and handle in hourly time frame. It was supposed to close above the resistance but could not. However view must be bullish and a close above the resistance line, 16725 in one hour chart might confirm a breakout and target will be around 300 points from the resistance which can be 17025. seems like a dream after wat happened in covid crash . But as a trader we have to go with the market and technical pattrens are indicating something like that. For shorting, as the price is above weekly POC, which is at 16670 currently, not would be wise at current scenario. Also options data showing long build up upto 17000.
hopefully we can see 17k this coming week.
hopefully we can see 17k this coming week.