Congratulations everyone on new all-time highs! The markets have reacted in the same way as stated in the last weekly analysis, and have respected the said levels. NIFTY 50 has crossed the previous swing high of 20222.45 and has managed to close strongly at 20268.

As we now enter the blue sky zone, we shall take into consideration the Fibonacci levels and upon inspection, NIFTY 50 now looks to reach levels of 21078 on a weekly basis, which stands at 161.8% of the total retracement.

On the downside, 19800 shall now act as a strong short term support level, a daily close below which can trigger long unwindings that can see the levels of 19600 and 19300.

Bias remains on the positive side, but one must remain aware of trailing the respective stoplosses to adequate levels.

The index has established a much wider range of 19800-20250, which can be traded on an intraday basis, should the index face any congestion.

On the events tab, Manufacturing PMI's relating to China, Canada and the USA are to be out today, along with the Fed Chairman Powell's Speech. Keep an eye out for high impact events as they can be decisive in confirmation or reversals of market trend.

DISCLAIMER: STOCK TRADING IS INHERENTLY RISKY AND THE USERS AGREE TO ASSUME COMPLETE AND FULL RESPONSIBILITY FOR THE OUTCOMES OF ALL TRADING DECISIONS THAT THEY MAKE, INCLUDING BUT NOT LIMITED TO LOSS OF CAPITAL.