Nifty created new All Time High (ATH) on February 15, 2021. I just received many queries about will Nifty go higher now or is there a correction round the corner?
For that there is one small answer.
There is always correction round the corner. But, will that happen, how deep that will be and what will happen after that is the main thing that effects our returns from the market.
Nifty daily chart analysis
Here is the daily chart of Nifty as on closing of Feb 15, 2021. The source of this chart is tradingview.com
From this chart, one thing is clear, till Nifty drop and breaks it's support of 14950, it won't fall.
On the upside - till we see a touch of this upper trendline, Nifty will keep going up. This makes the upper range to be around 13700-13800 at minimum before any meaningful correction.
Now, this upmove will not be smooth.
Nifty is rising with lower volumes are you can the vertical bars on the chart above. Any move in stock market, be it in index or in stocks, need a strong volume to sustain.
Right now the volume on daily chart is reducing. So, we can expect couple of dips in next 2 days.
I plan to use the dips in next 2 days to add in my Nifty positions to take the benefit of the upmove. The stop loss is a closing below 14950 in 30 min or 15 min chart.
I booked most of my carried positions in Banknifty after it posted 1300+ points in a single day. It's is not short yet, and I may add if there is a good dip tomorrow or day after. If there is no dip or set up is not clear, then I will wait.
Premium newsletter update.
In the last email to our premium members, I shared a couple of stocks that I bought in cash. I am still holding them and they have started their upmove now.
Now there is one more stock that is forming my favorite pattern. Will share the detailed chart and analysis in the post later tonight. Stay tuned.
Also, I will be sharing the high probability set ups that I have developed as part of my course directly in the premium newsletter so that you can bookmark them and use for maximum benefit in your trades.
Few more updates
- Our free stock market swing trading course is just about finished. As soon as it is ready, will share the link on the post here. You can join it free of cost.
There is no upselling or premium model. It will have everything you need to be able to trade on your own. Yay!!
2. I am both short term and medium term trader. I believe that even if you have a full time job, you can take benefit of medium term movements of the stock market. All that need is you being active in stock market. As gratitude of what I have learned from my seniors and what I have earned in stock market, I will be sharing two trade setups that I usually trade myself per month. (more of them for premium subscribers of the newsletter). You can use them at your own judgement and see for yourself the returns. No payment or anything is required for them.
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