NIFTY Bulls are Ready to Claim their Presence

Today #NIFTY recovered nicely from 88.8% #Fibonacci_correction of previous bullish swing from low 8269.15 to high 8844.80 settled at 8429.70. Nifty has found support near the lower band of Bollinger and settled with a bullish pin bar/ hammer triggering possibilities of ‘W’ bottom near lower band. Possibilities of harmonic patterns bearish ‘Gartley’ and bearish ‘Crab’ have also triggered as market reversed from 88% correction of previous bullish leg ‘AB’ of this pattern. Immediate resistance is now seen near 8472 zones if market decisively holds this level then next possible resistance will be around middle band of Bollinger that stands near 8580. Further moves above 8580-8600 will trigger possibilities to complete #Gartley pattern that completes near 78.6% #correction_of_bearish_leg ‘XA’ at 8937. After that life time high 9119 will remain in focus and cross and close above that level will trigger the possibilities to complete bearish crab pattern that completes near 161.8% extension of bearish swing ‘XA’ at 9644. Stochastic is still loaded with bearish momentum and producing reading around 20.69 means indicator is approaching oversold line and any bullish cross on this indicator will be added advantage for nifty bulls.

Immediate #support_will_be_8370 and any failure of this support will increase the odds to retest areas of 8350-8310. Key support will remain at 8260 and any closing below this level will neglect all bullish expectations and then #Nifty_may_witness_more decline to complete the move that I have discussed in my previous post. Resistance is now seen near 8472 above that 8600 and 8940 will be next hurdle zones.

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