Or if buying is done this level it should be done with proper hedging with PUT option/ Gold .
The charts are pretty self explanatory with comments at each points.
Weekly chart analysis of Nifty On March 16th nifty has broken (9500) very crucial support coming from major since 2009 after it made bottom of (7500), yesterday it has tested support (9500) become resistance (9500). With these nifty will see having selling from here and will continue its downtrend.
analysis of Nifty The downtrend will emerge soon, what we have seen on weekly chart. On we are seeing flag and pattern in downtrend (powerful pattern) is a consolidation zone and we are at the end of consolidation meaning soon we will see down turn and new bottoms. (Another way to look, flag can be seen as A, wave B, and Wave C is coming)
After seeing down force and long term/ Mid term charts analysis we will see nifty will take support somewhere between 6326 and 4773. It will depend on how things will turn out in future and how much force it goes down with.
I hope this analysis will help. If you agree with analysis hit like, and Its ok to disagree. Please help me with comment below either way. :)