NIFTY: At a Crucial Junction After a 13% Correction
Topic Statement:
NIFTY has corrected 13% from its highs of 26,277 and is now trading within a converging pattern, where a breakout will determine the market’s next major move.
Key points:
1. The price is taking support on the long-term up trendline.
2. The price faces resistance as it approaches the short-term down trendline.
3. The two trendlines form a wedge, and a breakout from this pattern will decide the market’s direction.
NIFTY has corrected 13% from its highs of 26,277 and is now trading within a converging pattern, where a breakout will determine the market’s next major move.
Key points:
1. The price is taking support on the long-term up trendline.
2. The price faces resistance as it approaches the short-term down trendline.
3. The two trendlines form a wedge, and a breakout from this pattern will decide the market’s direction.
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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.