With the ceasefire announcement, the global markets opened strongly. And the Indian market is expected to open on a very strong note. Wait for the first hour close to take fresh trade. If it sustained above the high, go with a long position. Avoid positional short positions for now. The target is opened to 23771. Sustaining above this level will be positive, and the Nifty will continue its upward move.<\/p>\n
The Nifty closed at a day’s high. It bounced sharply by 433 points from the day’s low, and closed above the prior day’s high for the second successive day. The volumes were higher than the previous day. The index is now decisively above the 8EMA and has turned upside. The index is now approaching the 20DMA, as we expected. It almost tested the 23.6 per cent retracement level of the recent fall. Now the 20 DMA resistance is at 23282. A decisive close above this level will be positive, and it can test 23771, which is a 38.2 per cent retracement level. We can not forecast more than this now, as the bigger event risk is on the cards. The RSI is now in the neutral zone and showing the impact of bullish divergences. The MACD histogram shows a strong bullish momentum. A close above 23164, the index will continue its upward journey. Wednesday morning, the first hour of market action is crucial. Watch the news flow. Stay alert and be with a light position size.<\/p>\n
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