NIFTY Wait for a 1D MA50 pull-back and buy.

30 Apr

The Nifty 50 Index (NIFTY) has been trading within a Channel Up since late December 2023 and today it hit the April 10 2024 High. That was a Higher High for the Channel Up and the price immediately got rejected.

Based on the 1D RSI, it may rise some more to its Resistance Zone before getting rejected but this sequence is very similar with the February 02 2024 rejection. Both fractals made clear technical Higher Lows at the bottom of the Channel Up and the February one after the rejection, pulled back to the 1D MA50 (blue trend-line) before finding Support and new buyers.

As a result, we are only willing to turn bullish again on the 1D MA50 and then target the Channel's standard target of the 1.382 Fib extension at 23100.

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