Indian Nifty Technical Analysis for 4th Aug 2022

Indian Nifty Technical Analysis for 4th Aug 2022. Technically Nifty is scaling new heights daily.

Previously drawn Fibonacci Retracement is no more valid, so I had to draw the retracement from previous highs.

 

1) Indian Nifty Technical Analysis for 4th Aug 2022

This is good News! Highs are good for every investor and novice trader.

1. Indian Nifty Technical Analysis shows that bulls are in control with the higher highs on Nifty.
2. Previous Fibonacci retracement is scaled and is no more valid, which is great news.
3. 17411 is the only high that if scaled will have a great compound effect to scale new highs.
4. The directional movement indicator has cooled off due to slow moves of Nifty after hitting consecutive negative openings for Nifty for the last 2 consecutive days.

 

2) SGX Nifty Trend for Today on 4th Aug 2022:

Today on 4th August 2022 SGX Nifty is showing a 58 Point HIGHER move at around 7:45 AM when I am writing this article.

SGX Nifty Trend on Live Chart denotes that the Indian Markets will react POSITIVE.

So Indian markets especially Nifty Trend Today would have a probably POSITIVE start.

 

3) World Market Analysis for Aug 4, 2022:

S&P 500: 63.98 (+1.56%)
NASDAQ: 361.66 (+2.73%)
Dow Jones: 416.333 (+1.29%)
Nikkei: 140.82 (+0.51%)

US Markets have cheered the Indian markets with great highs. SGX Nifty and Nikkei of Japan are following suit.

 

4) Nifty Supports and Resistances:

Nifty Supports: 17223, 17132, 17000, 16979, 16926

Nifty Resistances: 17400, 17411, 17500
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?

 

5) Indian Nifty Technical Analysis Conclusion:

1. Technical analysis suggests we have a hot resistance at 17411.
2. But world markets are cheering the new highs to scale with global support.
3. The directional movement indicator has cooled off showing a great up move.
4. The bulls are in control and scaling highs daily.

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Considering the trends globally and Technical Analysis Nifty Trend Today is POSITIVE.

 

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