Outlook of Nifty 500 as on 09-02-2022

As guessed in last post, Nifty 500 is now making a move higher after testing the demand zone marked, today nifty gapped up and closed near the high, in the short term the trend has changed to uptrend, one concerning thing is the range of candle, the range of candle as such is not big and today's session was something like a consolidation day but nifty 500 managed to close near the high of the day. Again we should keep a watch on the range of the candle as price moves higher, if in case the candle range on the upside is not getting big and stays narrow, it will be a sign that there is not enough buying happening as price moved higher. As of now the short term trend is towards upside and we can see higher price to come till level 15300 (prior reversal point) given, S&P 500 performs well. Do track global market, this will affect our market price too.

Happy trading ;)