Nifty facing downward pressure
Looking from the perspective of an arch action, there seems pressure from top on every rise.
From fib perspective, the important fib support stands at 18941.8, which is the immediate important fib support.
From ABCD pattern perspective, D leg is activated and it also signals 18940 levels considering ideal condition of AB=CD
From EMA perspective, Nifty is trading below 20 and 50 EMA, which also signals bearish condition.
So considering above conditions Nifty can be seen at 18941.8 levels by 20th or 21st Nov'23
From fib perspective, the important fib support stands at 18941.8, which is the immediate important fib support.
From ABCD pattern perspective, D leg is activated and it also signals 18940 levels considering ideal condition of AB=CD
From EMA perspective, Nifty is trading below 20 and 50 EMA, which also signals bearish condition.
So considering above conditions Nifty can be seen at 18941.8 levels by 20th or 21st Nov'23
Trade active
cracked heavily todayTrade active
made a low of 18960, enjoy technicalsTrade closed: target reached
18931 low made, target achievedTrade closed: target reached
made a low of 18837Trade active
Nifty heading for more correction as it tested the 19230-250 zone and was unable to close above it
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.