Get the latest insights into the Nifty index's performance in the next one to two months. Don't miss out on this essential guide. Read now on MoneyWiseMind
In April 2023, nifty finally gave a closing above 18000, which is a good sign.
As per Monthly chart nifty has made a long-legged doji in March, 2023 after a consecutive 3 months fall.From December, 2022 to March, 2023 it has made a low of 16824 from a high of 18890 . After it made a long-legged doji in March, in April it made a big bullish candle, like a bullish marubozu is a bullish sign. It reversed from March low of 16824 and gave a good upward move till now. Below is the monthly chart of nifty.
As per weekly chart if nifty can give a closing above 18224 it may rally upto 18890 or above in next one to two months. 18224 is a major resistance, before that it has a minor hurdle at 18150 area. Below is the nifty weekly chart;
RSI in daily is 71 indicates high momentum.
RSI in weekly is 56 taken support at 50.
RSI in monthly is above 60 which is good sign for uptrend in coming months.
As per hourly and 15 minutes chart nifty has made a shooting star candle. We can see it from the below chart. It has a minor resistance at 18150-18170 level. Then it's major hurdle is 18220 level. Probability is that it may consolidate near its resistance level after it can break the resistance which will be a strong sign for nifty.
Now, nifty is in buy on dips mode. Now the market is waiting for a good rainy season . Market is going through some good news such as RBI's decision to pause interest rate hike, price inflation decreased, Foreign investors again return to the Indian market started buying, price of crude oil falling world wide, all are positive signs for the market. So now we may expect a good rally from nifty as well as Bank nifty as most of the private banks are publishing good results. One thing you must keep in your mind that price never moves in a straight line. First it goes up then it takes pull back or retraces then continues its up ward move. This is only our personal view. Here is no recommendation to take any position in any instrument with real cash.
Disclaimer: The information provided on MoneyWiseMind is for educational and informational purposes only. It is not intended to be financial advice, and you should not rely on it as such. Before making any financial decisions, you should consult a licensed financial advisor.
