Nifty has been in consolidation zone since last 7 days, stuck within a range of 300 points.
Nifty has given a good pullback rally after a lower low in the bearish channel.
But a correction is also due in Nifty and hence the coming correction will tell us whether the pullback rally will be the first wave to upside or a 'X' wave to more downside.
Weakness is showing in Nifty but only a breakdown below 17000 will give a correction or a downside rally in Nifty.
Even if Nifty breakout the consolidation zone it will have multiple resistance as marked on chart starting with upper line of the channel.
If Nifty plans to move in bullish zone with current 'X' wave it will not be possible until and unless it make another high which is possible above 18353,
Which is a tough ask in current scenarios.
Looking at current scene and weakness expecting a downside rally very soon. Let's see what market has to say.
Till then stay safe and trade safe.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
Nifty has given a good pullback rally after a lower low in the bearish channel.
But a correction is also due in Nifty and hence the coming correction will tell us whether the pullback rally will be the first wave to upside or a 'X' wave to more downside.
Weakness is showing in Nifty but only a breakdown below 17000 will give a correction or a downside rally in Nifty.
Even if Nifty breakout the consolidation zone it will have multiple resistance as marked on chart starting with upper line of the channel.
If Nifty plans to move in bullish zone with current 'X' wave it will not be possible until and unless it make another high which is possible above 18353,
Which is a tough ask in current scenarios.
Looking at current scene and weakness expecting a downside rally very soon. Let's see what market has to say.
Till then stay safe and trade safe.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
