Dear friends, Good day to everyone! Welcome to my NIFTY analysis where we will take a look at the daily chart of NIFTY.
As you can see, price is in a clear downtrend since October'2021. However, the downtrend is occurring in a Descending channel defined by Upper Trend Lines and Lower Trend Lines
We have multiple touch-points in the UTLs and LTLs which I have highlighted with small arrows in the chart. Currently, price is touching the Lower trend line and we have witnessed some subtle signs of a pullback as a doji candlestick has formed.
So, if this lower trend lines hold, we can see a pullback to 15800, 16200 and even 1700 in the next few weeks.
Please note that my long-term projection for NIFTY is bearish and I expected NIFTY at 11000 by the next year.
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NIFTY has breached the 17000 level, which was my target. A 12% profit from this idea. Price may extend to 17500 and beyond from where I will look at reversal