Will Nifty go higher?
2 min read

Will Nifty go higher?

Nifty made a new all-time high (ATH) on Feb 15, 2021. Will it go higher or is there a correction about to come? An analysis of daily chart and volume.
Will Nifty go higher?

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

Nifty daily chart trend analysis

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

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