Since March of this year, Nifty first consolidated around 16800-17200 (~400 points) and formed a double bottom with higher low and rose ~1000 points to 17800. Subsequently it endured a minor correction to 17560 and then again moved ~900 points to 18460. And now it is consolidating again in a ~400 point range between 18060-18460.
It is displaying completely a symmetrical behaviour and perhaps the next move of about 900-1000 points might come soon which will lead it to 19000-19200.
It has already displayed a low (18061) and higher low (18121) on a closing basis on 4hr thus forming a double bottom and currently at the previous swing high of 18300. The overall consolidation neckline is at 18460.
If Nifty tomorrow opens above 18300 and clears the previous swing high of 18300 and starts moving up this would suggest that it might go up but the final confirmation of this will only come after 18460 is broken.
Looking at the 1hr chart today's PA at the end signals that if Nifty breaks below 18250 it might lead to selling pressure again. So tomorrow and the coming days Nifty needs to be supported by BankNifty which is at ATH and consolidating.
It is displaying completely a symmetrical behaviour and perhaps the next move of about 900-1000 points might come soon which will lead it to 19000-19200.
It has already displayed a low (18061) and higher low (18121) on a closing basis on 4hr thus forming a double bottom and currently at the previous swing high of 18300. The overall consolidation neckline is at 18460.
If Nifty tomorrow opens above 18300 and clears the previous swing high of 18300 and starts moving up this would suggest that it might go up but the final confirmation of this will only come after 18460 is broken.
Looking at the 1hr chart today's PA at the end signals that if Nifty breaks below 18250 it might lead to selling pressure again. So tomorrow and the coming days Nifty needs to be supported by BankNifty which is at ATH and consolidating.