Nifty Weekly chart is more clear to say that there is no more immediate downfall left at least for some days. From last week itself 20 days moving average given support to Nifty trend and it seems now again Nifty is ready to cross 14900 and then 15200. This journey will be more interesting if Nifty cross 15250, the call writers will be trapped and they can cover their sell positions, which can take Nifty to 15660.
The nifty daily chart is more clear in this view and supporting us.
The main important points are:
The United States is approaching a new Stimulus package, which will be more inclined two Infrastructure and job growth. Rusltant Dow jones can touch new all-time highs in the near future
USD-INR will be stuck between 72 and 74 odd levels this week. This shows there is no heavy selling by FIIs, at least coming week.
Crude Oil, Gold, Silver, and other commodities will be natural this week.
Last two months, Institutions, Fund managers sold a lot to rebalance their portfolios. Even then Index is adamant to recover again and again.
Bank Nifty can do wonders this week to boom Nifty upwards.
Covid19 is re-surging, but this time the World is ready to fight with vaccination drives.
So I will suggest this week as a great week for traders. Long-term Investors can wait to rebalance their portfolios if they have not done in the last two months. Swing traders have great days ahead.