NIFTY - Bear was almost over, but still it is Bearish

NIFTY has came near High resistance line and fall to 11279. We can expect NIFTY to fall and touch 10923 level in forth coming week.

By October, we can conclude whether the corporate tax cut is sufficient enough to boost economy or not. Breakout on High resistance line is required to conclude slowdown is over or not and whether NIFTY march towards 12200 level or not.

At this moment, NIFTY is still in week position, but it can gain strength in 1 or 2 week. Fail to gain strength in next week can leads to big fall upto 10200 level.

Target Price : 10923
Target date : 25th Sep, 2019.

Comment:

NIFTY Broke the HIGH resistance line, but in order to consider it as break out, this entire week the price should be more than HIGH resistance line.
As per my understanding, NIFTY moved more than expected for the NEWS it came, so deep correction is expected. NIFTY has next resistance level at 11550 and 11750. NIFTY is in between both resistance line. If NIFTY didnt do GAP down open tomorrow, then it expected to touch 11750 then reverse.

Revised Target : 11100
Revised Target date : 3rd Oct, 2019.

Trade closed: target reached:

Target date is reached. The price fallen slowly through this downtrend but didn’t reach target price, which shows the market is showing resistance to fall after corporate tax cut. I am bullish on NIFTY NOW . Nifty will fall little bit from current position till 7th Oct. I expect bullish after 9th Oct. I will post new chart on nifty on 7th Oct