The market saw a very quick and sharp recovery this week. Generally, when the market reverses in this manner, it is a sign of trend continuation. In this case, the larger trend is bullish. If the price is able to break the breakoutline marked on the chart, we could see an upside towards the previous highs. The next significant resistance points are around 30,800 - 30,900 levels.
The market still may not break those levels with ease, due to the holiday season this week. The number of active players may be low resulting in lower liquidity. FIIs celebrating Christmas might also result in low money flow through the market which may affect the potential gains that could happen. Although there still remains a strong chance for the Index to move to newer highs towards the end of the week or beginning of 2021.
These are my own personal views, just trying to share.
Like and comment if you find it helpful. :)
The market still may not break those levels with ease, due to the holiday season this week. The number of active players may be low resulting in lower liquidity. FIIs celebrating Christmas might also result in low money flow through the market which may affect the potential gains that could happen. Although there still remains a strong chance for the Index to move to newer highs towards the end of the week or beginning of 2021.
These are my own personal views, just trying to share.
Like and comment if you find it helpful. :)