Nifty Sky Rocket

Yesterday, the Nifty index closed below the trendline, indicating a potential bearish move. However, today, there was a gap up opening, which means that the opening price was significantly higher than the previous day's closing price. Moreover, the index managed to quickly cross the resistance level of 19,752, suggesting a shift in market sentiment. Interestingly, this previous resistance level is now acting as a support level for the index. However, despite these positive moves, the Nifty ultimately closed below 17800.

If Nifty opens with a gap up tomorrow, there is a higher chance of it continuing to rise. The major resistance level to watch out for is at 19845. If Nifty manages to break above this level, we may witness a retest of the all-time high (ATH) again. However, if Nifty sustains below 19752, it will be considered bearish. Until then, the sentiment remains bullish.