Nifty future was in a very firm uptrend and from last few trading sessions we have seen selling in nifty future. We see this correction is just a pullback and not reversal, as there was no change in fundamentals. If you take a close look on the nifty future charts there Fibonacci retracement zones are proving to be stronger support and some consolidation. Trend reversal happens when fundamental changes are in execution, in stock markets reversals don’t happen overnight and there is high probability of a pullback. Present scenario of nifty future on charts is suggesting that recent correction is just a healthy pullback. On weekly chart 32.8% nifty future is acting as support, however some consolidation is expected before chasing the uptrend again.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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