Nifty is currently in a broad corrective structure between 26,300 and 22,000 as per Elliott Wave analysis. The ongoing decline appears to be the final leg (Wave 5), with strong support placed near the weekly 200 EMA around 21,900.
Technically, momentum indicators like RSI and MACD suggest limited downside remaining, though a pullback toward 23,800–24,000 cannot be ruled out before the final correction.
Nifty can short near 23,800-24,200 for downside 22,000
Nifty 22,000 ±100 would be the reversal level.
The zone of 22,000 ±100 is expected to act as a strong accumulation area for long-term investors. A staggered investment approach is recommended, gradually deploying capital as the index approaches key support levels.
Technically, momentum indicators like RSI and MACD suggest limited downside remaining, though a pullback toward 23,800–24,000 cannot be ruled out before the final correction.
Nifty can short near 23,800-24,200 for downside 22,000
Nifty 22,000 ±100 would be the reversal level.
The zone of 22,000 ±100 is expected to act as a strong accumulation area for long-term investors. A staggered investment approach is recommended, gradually deploying capital as the index approaches key support levels.
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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.