Technical Analysis on Daily Basis:
Nifty 50 (India) completing its 4th wave upward and progressive in C Impulsive Corrective Wave which is the final and violent end. It shall soon resume its 5th wave downward. This is usually the end phase of downfall and time to buy after completion of downtrend. 38% Correction of Bull run from Covid low of 7500 to 18500 is coming nearly at 14300 to 14400 on NIFTY 50. It rallied from 7500 (March Low 2020) to 18600 (October 2021). Downtrend may extend upto sub 14000 level on intra-week basis. There is a strong support between 14000 to 14300 which is a consolidation zone made on January to May, 2021. Level at 16676 which is 50% retracement from top of 18068 to bottom of 15275. It shall act as short term resistance. It is also a pivot points of previous lows and reversal, now acts as a resistance level. There is always a possibility of false move upwards.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
Nifty 50 (India) completing its 4th wave upward and progressive in C Impulsive Corrective Wave which is the final and violent end. It shall soon resume its 5th wave downward. This is usually the end phase of downfall and time to buy after completion of downtrend. 38% Correction of Bull run from Covid low of 7500 to 18500 is coming nearly at 14300 to 14400 on NIFTY 50. It rallied from 7500 (March Low 2020) to 18600 (October 2021). Downtrend may extend upto sub 14000 level on intra-week basis. There is a strong support between 14000 to 14300 which is a consolidation zone made on January to May, 2021. Level at 16676 which is 50% retracement from top of 18068 to bottom of 15275. It shall act as short term resistance. It is also a pivot points of previous lows and reversal, now acts as a resistance level. There is always a possibility of false move upwards.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
