Be cautious in Nifty!
Nifty has shown a steep upmove in the last one month breaking all the strong resistance without any major retracement.
Today, nifty crossed 18000 with a strong volume candle and has closed near a strong supply zone of 18100-18120 levels. Even Bank nifty has given a strong closing above 43000.
This breakout can be a signal for strong bullish uptrend to a new high or it can also be a strong bull trap.
Monday is a holiday for Indian market but not global market which is why I feel this breakout to be quite suspicious. Hopefully, we see a continuation of trend on Tuesday and not a gap down opening! Next Support for nifty is at 17780 levels
Today, nifty crossed 18000 with a strong volume candle and has closed near a strong supply zone of 18100-18120 levels. Even Bank nifty has given a strong closing above 43000.
This breakout can be a signal for strong bullish uptrend to a new high or it can also be a strong bull trap.
Monday is a holiday for Indian market but not global market which is why I feel this breakout to be quite suspicious. Hopefully, we see a continuation of trend on Tuesday and not a gap down opening! Next Support for nifty is at 17780 levels
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