已更新

NIFTY - Contraction Burst (Weekly View)

After A sharp up move from 15200 zone index gave almost 24% rally from bottom. After a trendy move index has declined 5% from top- 18800+. It has been trading in range since last 3 weeks; almost a month. The range is 18270 and 17760. This range has been formed in weekly TF. Looking at the weekly candles we can clearly sense that contraction has happened for a month. Contraction burst is likely to happen in the coming week on this range breakout.
https://www.tradingview.com/x/vjIHcVWl/

Now lets look at the target projections on each case.
If range breaks downside below 17760 then we will test 17700 in between 17165 will be short term base/support.
Weekly TF

Daily TF

Now if range breaks upside above 17270 the we will test 17900. Then if 17900 is sustained then there will breakout in monthly TF and we will test 17661 and 20000.
Weekly TF