Nifty 50 is at its all-time high. Nifty 50 hit a high of 21801 on December 28, 2023. No one expected this, but the global market being positive, fall in crude oil, monetary policy of RBI etc. gave a lot of support to Nifty.
NIFTY 50 next high –
Whenever a stock is at an all-time high, resistance levels can be found on the day time frame with the help of trend based Fibonacci Extension or Advance Fibonacci. With the help of Fibonacci Extension, two main resistances are being found – the first resistance of 1.6 is 21967 and the second resistance of 2.6 is 22576. If Nifty goes up by 50 more then it can stop at 21967.
Will Nifty 50 fall?
There is currently no reason visible for Nifty 50 to fall below profit booking. The level of Fear & Greed Index of Market Mood Index is currently 67 which is showing that Nifty 50 should go above from here. Brent Crude Oil is currently 77$/barrel which will be around 95$/barrel on 23 September 2023. Rupee is now at Rs 83/Dollar which is weakening Rupee to all-time low, which is not positive for Indian market.
India VIX, which indicates volatility, is currently 14.5 which was around 10-12 for a long time. The implied volatility of Nifty 50 is also becoming 14-15 in the option chain which is usually 8-9, which is indicating the volatility of the market. Nifty 50 may suddenly go up or down in the coming times.
The Calendar Year 2023 was full of bad news like the continuous Russia-Ukrain war, the start of the Israel-Hamas war, the increase in policy rates by the Fed, volatility in crude prices, and so on.
Yet, the equity markets have done exceptionally well. Nifty-50 is up by 20%, and…
