Do we worry about retracement now in Nifty 50 index?
After consolidating for last two years Nifty 50 gave an all time high recently. It seems like there would be an upward momentum, but this idea is an cautionary tale rather than an ask to ride the momentum.
Markets has a strong upward momentum and that indicates retracracement is unexpected but is always possible at natural resistance, My analysis is based on Trend based Fibonacci Retracement on a daily time frame, which indicates 17th July 2023 closing price is a natural resistance and one should not be over exposed to high leverage contracts in Nifty 50 and wait for price action confirmation on current level.
Disclaimer - All information are for educational purposes, Kindly consult your financial advisor before investing in markets.
Markets has a strong upward momentum and that indicates retracracement is unexpected but is always possible at natural resistance, My analysis is based on Trend based Fibonacci Retracement on a daily time frame, which indicates 17th July 2023 closing price is a natural resistance and one should not be over exposed to high leverage contracts in Nifty 50 and wait for price action confirmation on current level.
Disclaimer - All information are for educational purposes, Kindly consult your financial advisor before investing in markets.
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