Nifty outlook for the year

Jan 15

Nifty chart analysis for coming few months :
1. Overall trend still remains bullish but deep pullback now similar to 2021 ( marked in circle ) .
2. Market might come down to next support 22,500 - 22,600 at breakout point of election result day .
3. Weekly chart shows market respecting swing lows since 2020 . Last swing low is 21,200 . As long as market doesn't break swing low , current trend is bullish .
4. Decent price for long term investment and SIPs

Cheers !
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Jan 22

Trade active

Double bottom failed on weekly charts as market fell strongly to break the double bottom.
Whenever this happens , classical charting patterns suggest price goes to approximate height of the double bottom which might take us to 21,800 in near term .