Nifty @ 23,000 Soon ? | CA Rachana Ranade

"Tesla news and Tesla is coming up in India uh they have signed a lease deal to open their first showroom in Mumbai and uh so this is going to create some havoc in the auto space uh competition will be steep Tesla's entry will definitely lead to some sort of jitters in uh the overall Auto space uh no second thoughts on that we'll have to see how uh the stocks react to it"

"second point is that we could see a small Gap but yes a gap so I'll just uh draw a line here so that we understand where the Gap was okay and have we substantially closed Above This Gap answer is yes definitely a good sign so two things have happened number one I two three things first point so we are just analyzing what happened today number one nice Hammer what does this mean sellers tried to take it down down down down went till this point after we started we started seeing a recovery and it closed way above this okay very nicely taken by the virus virus took control today no second thoughts so number one nice Hammer okay number two a gap up nice Gap up a hammer closing Above This Gap as well is again taken as a positive side okay so clear till here now ideally this is the next immediate Gap that we will aim at Market will aim at this immediate next Gap uh which is at 22724"

"I've said this so many number of times 23,800 23,300 22,800 22,300 21,800 and bhagan nak but election day low 21,300 we have talked about this I I mean those who have been following our Thursday live stream even if they're in deep sleep and someone asks levels they should start immediately right so again it's coming to a crucial level of 22,800 again so what I would watch out for is a 22,800 level plus what will happen in this pullback so I hope you have understood where why did I write Nifty near 23,000 this is coming to 22887 rounding it up to 23,000 okay why should I write the title as Nifty near 22887 soon what I mean it would have not looked good right so okay anyways this level I'm just drawing an a here so ideally would wait to close above this and now let us see okay now let's take this where is our I'll put it at 22,800 so one minute 22,800 is somewhere here okay now now let us say as per the Fibonacci retracement what happens okay let's draw this okay everyone please understand we saw this fall we saw this fall then we had a pullback we saw another fall we had a pullback now we saw this fall and now as per our 50% retracement Theory we see a pullback here but again as I said 22 800 in itself is a very strong support"

"and if we are able to take it further up above 23,800 also somewhere like this I know this is going to take time it's not like a back to back thing please don't imagine that then po almost 23800 I feel that will be a first early sign of reversal of a trend because that is where that is where we would have established a scenario where let me draw this for you all it will be a high a low a lower high a lower low a lower high a lower low somewhere here as I mentioned even if not and here if we are able to close here maybe somewhere like this and then like this then it's an indication yes these lower high lower low thing has been taken out from here we may start a fresh Trend so 23800 is still way way far from that"

"Target by the end of this year can we lift the alltime high I doubt by the end of this year if we can why not not keeping my hopes very high"

"by when we can judge that this is the bottom of the graph if it continues to rise the point that I made right 22,800 and 23,800 super key levels definitely keep an eye on that"

"what I would watch out for is a 22,800 level plus what will happen in this pullback so I hope you have understood where why did I write Nifty near 23,000 this is coming to 22887 rounding it up to 23,000"

"a 50% pullback is what we have seen in the first down moves first two down moves and this 50% retracement in the current down move possibly could take it to 22,800 that is a very crucial level if we are able to stay above that it'll be again really interesting to watch out then we could eye higher targets don't get very excited very very early Trends I'm repeating don't get excited a lot absolute early Trends once early Trends get established once we get more confirmations then we can be a little bit more confident in saying some more things"

"then we could eye higher targets don't get very excited very very early Trends I'm repeating don't get excited a lot absolute early Trends once early Trends get established once we get more confirmations then we can be a little bit more confident in saying some more things"

"Fibonacci retracement a 50% pullback is what we have seen in the first down moves first two down moves and this 50% retracement in the current down move possibly could take it to 22,800 that is a very crucial level if we are able to stay above that it'll be again really interesting to watch out"

"for Aviation stocks again it's going to be a good point for tire making companies again it'll be a good point"