Healthy correction in Nifty
Nifty is corrected 5.6% during last 3 weeks, and it is on a Fibonacci level 17806, from here their is large chances of accumulation in this level, and again rally for 1000 points, now the bog catch here is Covid cases in India, USA and Europe.
Recently if see the future OI data of stocks and the FII investment, both are not on bearish side. In one hand future OI is decreases which reflects profit booking and second hand FII are not so aggressive bearish(FII cash market data is consolidating), that means they are also waiting for something.
ultimately if nifty break previous day high(18050) after some consolidation in this range then this will confirm the accumulation(Supply Zone) and we are ready for next 1000 point rally to 19000.
Recently if see the future OI data of stocks and the FII investment, both are not on bearish side. In one hand future OI is decreases which reflects profit booking and second hand FII are not so aggressive bearish(FII cash market data is consolidating), that means they are also waiting for something.
ultimately if nifty break previous day high(18050) after some consolidation in this range then this will confirm the accumulation(Supply Zone) and we are ready for next 1000 point rally to 19000.
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