NIFTY Pre - Budget Surge : Caution Ahead...!

מעודכן
Hello Traders,
I hope you are all thriving both in your trading endeavors and in life. Today, I bring you an exciting opportunity with a new analysis of NIFTY that's poised for a significant move. Our in-depth analysis reveals that...

NIFTY
As anticipated and previously mentioned, the past week ended on a negative note (pre-Budget).
This week holds the potential for new highs. However, caution is advised, as this will likely be the final move in the sequence that began on October 23, 2023. It is prudent to brace for an impending correction.

Here are the technical details:

I. Resistance I: 24,854.80 ~ 24,910 (conj. Extended trend line from March 20, 2023)
II. Resistance II: 25,120 (Extended trend line from June 1, 2022)
III. Resistance III: 25,460 (Extended trend line from January 24,2024).

***Please note that these values are not actual but indicative levels of support and resistance.


A Gann ideology is that , the move from October 26, 2023 is also facing a time resistance of 270 days (90*3) which is an important number not to consider it lightly.

Furthermore, for the move from March 20, 2023 it is 490 days (360+90+45 or 135) which is also an additional reason factored in to be more cautious!


Following this, the market is expected to take a breather, with profit booking potentially dragging the markets to deeper levels before any new uptrend is initiated (The correction in monthly scale can be anticipated). Further details will be discussed as the market evolves.

Strategy:
Being bullish at this juncture seems prudent, only till R II (for conservative / Defensive) & RIII (for Pro-active / Enterprising).


Disclaimer: Before we conclude, I want to remind everyone that the insights shared here are based on my own analysis. It's crucial that you perform your own research and, if necessary, consult with a financial advisor before making any trading decisions. The financial markets are dynamic, and it's important to ensure that your strategies align with your personal financial goals and risk tolerance.
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Thank you for reading the article.
HAPPY TRADING
הערה
As expected the market is progressing but bear in mind about the upcoming correction. All the Long term trend lines that the markets have violated (stating volatility) are stretched like an elastic band waiting to recoil. The correction in a monthly time frame is inevitable!!!
Beyond Technical AnalysisGannniftylevelsniftylongniftyoptionniftyoutlookniftypredictionniftytomorrowniftytradesetupniftytrendniftytrendanalysisWave Analysis

Best Regards,

WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com
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