Consider right Fibonacci,
Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle
Level 1: 18350.9 current high formed on 18th January’22.
If we follow this Fibonacci,
0.236 level: 16868.2, marked with purple line, Nifty found a support (made a low of 16836.8) a these levels, This is again a signal but we also need to get a confirmation in the form of a pattern (a range and then 50% or 0.236 level retracement for entry for uptrend), to get an entry for uptrend.
Thursday/ Friday we need to get a retracement confirmation around 0.5 level or 0.236 level of the range formed for a long entry.
After that, it is critical for market to hold on to 50% level marked with Blue line and move above it.
If the market doesn't move above, the 50% level, then it will be difficult for an up move.
Lets see, how the market moves till budget.
Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle
Level 1: 18350.9 current high formed on 18th January’22.
If we follow this Fibonacci,
0.236 level: 16868.2, marked with purple line, Nifty found a support (made a low of 16836.8) a these levels, This is again a signal but we also need to get a confirmation in the form of a pattern (a range and then 50% or 0.236 level retracement for entry for uptrend), to get an entry for uptrend.
Thursday/ Friday we need to get a retracement confirmation around 0.5 level or 0.236 level of the range formed for a long entry.
After that, it is critical for market to hold on to 50% level marked with Blue line and move above it.
If the market doesn't move above, the 50% level, then it will be difficult for an up move.
Lets see, how the market moves till budget.