Due to scarcity of space on charts and for clear visibility i haven't drawn all the technical trend lines and support zones which are crucial for visible understanding. what i have tried to convey are sum-up of all my analysis including time cycles , retracements , swing patterns etc. which have made me come to the conclusion of above chart and final output which is valid up to 20-07-2022 (+/- 2 days)
Nifty has immediate resistance around 16300 (bears stop loss zone) after the crucial Gap fill which i have conveyed on my NIFTY - DAILY Chart analysis 3 days ago on 06-07-2022. As the gap is successfully filled now Nifty may again trend in one direction after consolidation . my expectation of trend is downwards for now
the path which i have drawn in black lines is my expectation on nifty which includes supports and resistances nifty may face before giving up and come back around red circle zone where bears are trapped.
Trade active
⋅
After tough battle between Bulls n Bears markets have come in neutral zone around 15900 for both of them . Hence it will be interesting to see where it heads in for fresh momentum . Overall the trend is bearish on higher wave counts but lets wait n watch :)
As per your analysis trend has not changed, its still downward only. Can this view be negated if nifty crosses 16375 levels
Chintamoney
⋅
@tradeview-1234, yes one bullish close above 16380 will change the trend back to neutral zone upto 16700-16800 range . if we cross 16800 the trend will turn bullish unless this is crossed we are in bear market only downside may see 14000 levels as well