In my previous post, I have mentioned that nifty can make an upward move before making the last leg. Nifty was at 16999, and it has made a high of 17400 on 31st December 2021.
Nifty is out of the channel and near to the previous lower high.
If nifty breaks up 17639, we can expect a big upward move for 18210, which indicates that correction is complete. And if it fails to break the parallel channel, we can expect the following targets: 16909-16690-16449-16369, and the price will start wave C of wave (Z).
Please note that the downtrend is below 17639. I will upload further information soon.
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Nifty has made a new high of 17827.
As I mentioned in the previous idea, it is weak below 17639. I also added that if nifty gives a break out of 17639, it can go for 18200, which is wave X of the zigzag.
For Day Traders: If nifty sustains above 17732, the trader can go for the targets of 17906. Please note nifty is weak below 17715.
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Target Reached: Nifty reached our target of 17906.
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I had written in clear words, "If nifty breaks up 17639, we can expect a big upward move for 18210, which indicates that correction is complete". Nifty reached 18210.
17800 is a possible or last level for upside bounce (61% retracement of wave A). If nifty sustain above 17400 then 17600 easily achieved then last is 17800. No upside possible above 17800 till March 2022
trading2290
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Can Nifty breach the all time high from here ?
forextidings
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@trading2290, Bullish above 18210, but price may take a support/
samratkakkar
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So closed right at the cusp of 17639. What’s next ? Downward movement or breaks it tom ?
InvestPro_India
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Breakout from 17400-17450 zone, most like 17600 zones next
@sagarkandekar929, Yes, It is an important lower high level. Thank you for the comment.
galaashish15
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hello Mam nifty is in downward channel before moving upward can it goes in sideways correction and how much time can we expect before it starts its upward journey?