Is Nifty & Bank Nifty ready for correction?

When we analyze Nifty's chart on Daily Candle, we see it is overbought since last 5 days.

Historically, whenever overbought indication got active on Daily Chart of Nifty, the correction started from there on.

Also, an analysis of Futures Contracts tells us that we are already at the peak. And number of contracts being sold/bought at this level are not much compared to the fulcrum.

Considering this data, the probability of Nifty going higher from this level is very little while probability of a correction is gaining ground.


The immediate support for Nifty is at 17124 and if it is decisively broken, the 17000 mark will not take much time to vanish.

Further upside, the chances of which are very low, will come only if next psychological barrier of 17450 is overtaken.


As for as Bank Nifty is concerned, it is fulcrum is located at 35915 and if the slide down starts and goes past this mark, many Buyers will be forced to liquidate their positions, which will push the price further down.





If a further upwards push comes for the bank nifty, only Entry above 37400 can be considered safe from a short to medium term perspective.