The first level that is see could be a small hindrance is 15860 to 15880. This is a level of the Wave 4th of the Impulse and the Sub 2nd Wave of the 5th Wave. We can wait for any reversal at that level or simply may be we could see a removal of weak hands at that level.
The second level is a fibonacci retracements cluster of Wave 4th of the Impulse and the Sub 2nd Wave of the 5th Wave and that comes to be around 16220. Mark this as a very important level. 22nd June is the timecycle representing the expected high date.
So the basic expectation from the chart is 16220 by 22 JUN 2021 (More or less in term of time or price)
CHART AND ANALYSIS BY - ADARSH DEY
Nifty is still in a and the chart was updated on 27/4/2021
The reversal has been seen. Now need to find reversal signs before going long.