Outlook of Nifty 500 as on 08-02-2022

8 feb 2022

Like discussed, Nifty 500 is now rejecting lower price in the range marked (rectangle making), which was a prior demand zone, so today the candle range was big, even though nifty 500 closed lower for the day, there is a lower shadow which suggests buying happening at lower level. So in coming days nifty 500 can head higher, that can happen by two ways , one we can see price move higher right from tomorrow or we will see a consolidation day and then head higher, so taking out of today's high will be bullish, again one should watch for range of the candle as price moves higher, this will give one confirmation of higher prices to come, if we see price is gaping down and moving below todays low then, price can test 14450 level. It will be important to track how candle forms on S&P 500 today and in coming days, to know how our market reacts tomorrow and in coming days. Do check the last two posts to understand my thinking clearly.

happy trading ;)