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.
- Indian Nifty Technical Analysis shows that bulls are in control with the higher highs on Nifty.
- Previous Fibonacci retracement is scaled and is no more valid, which is great news.
- 17411 is the only high that if scaled will have a great compound effect to scale new highs.
- 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:
- Technical analysis suggests we have a hot resistance at 17411.
- But world markets are cheering the new highs to scale with global support.
- The directional movement indicator has cooled off showing a great up move.
- The bulls are in control and scaling highs daily.
Considering the trends globally and Technical Analysis Nifty Trend Today is POSITIVE.
Happy Trading and Happy Money Making!