NIFTY is in uptrend for quite longer period after huge fall. This uptrend is over by today. NIFTY should break this trend now, NIFTY can form side or downward trend as next trend, in either case NIFTY should fall and touch below target. Target also mentioned in charts.
Target 1: 8450 Target 2: 8230 Target date : 5th May, 2020
Trade closed: stop reached
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Nifty shooter up As per incremental analysis, nifty is in uptrend till 5th May thenafter it will fall to previuosly mentioned levels . This time I am planned to monitor the fall after 6th May
As of now technicals are even more stronger now than before.
The fall may not happen so soon...
blitz1989
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Nifty does not look like in any mood to fall.
It is just playing in range of 8800 - 9300
Why do you think it will fall to even say 8500 till 5th May?
Technicals do not hint at a fall. RSI is strong, Fibo levels are getting respected.
Can you explain for everyone?
SaiNarayanaB
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@blitz1989, Wait and watch, we may find the answers to your queries in real time market outcome.
pangusanthai
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@blitz1989, As you aware, NIFTY fall from 12400 level to 7500 level within 4 weeks, which signify NIFTY is weak. Thenafter nifty bounces 38% Fibannaci level from 7500 to 9380. Nifty tried to break 9380 lot many times but it couldnt break and move further beyond 9380, this signify NIFTY is weak. On larger time frame like DAY, NIfty is still weak. It is not strong. Fundamentally there is no significant change in business model to bring back the Industries.
I can see the chart as NIFTY is in downtrend overall. Now NIFTY is in positive trend from 24th Mar to yesterday (7500 --> 9400). The timelines for positive trends are over and the i can see huge volume on selling side yesterday. Generally NIFTY retrace 68% on current trend (Downtrend). I marked target based on Fibonacci levels.
As you aware, NIFTY fall from 12400 level to 7500 level within 4 weeks, which signify NIFTY is weak. Thenafter nifty bounces 38% Fibannaci level from 7500 to 9380. (Yes, i agree to these 2 statements)
On larger time frame like DAY, NIfty is still weak. It is not strong - Agreed!
What I was skeptical about was the timeframe, nothing else.
Anyway, thanks for taking the time to explain :)
The fall may not happen so soon...