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The projections indicate that Nifty is all set to fire up towards the 10,850-10,900 zone. While any decline towards the 10,575 mark should be a healthy opportunity to re-enter which is the crucial near-term support for the Nifty.The New Year cheer extended to the second consecutive week in a row in the year 2018 as the benchmark indices once again closed at fresh lifetime highs. We may call it a pre-Budget rally or positive global wave but what is evident is that the momentum continues to persist.
For the past few days, the Nifty50 has been trying to digest the rally from 10,400 to 10,600 in the previous week. These are healthy signs as even when the index is consolidating it is managing to hit fresh highs.
What’s more intriguing is that the weekly chart is pointing out at another fresh breakout. The projections indicate that Nifty is all set to fire up towards the 10,850-10,900 zone.
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