- On 29.10.2021 nifty breaks its short term trend in daily means its alert for long positions as nifty following parallel channel pattern everytime and based that nifty has achieved its target 17500~18500 after covid pandemic fall in year 2020 in weekly chart.
Whereas it is following weekly trendline from near 17250~17350 that means nifty test this level for correction scenario (Apprx.5 % ) and try to bounce back from here. If close below this trendline in weekly chart, then it well test for its another 5 % correction where it has major support for the level around 16300~16600. Till this level long player can hold his positions by making covered call entries at above support breaks.
- If nifty closes below this level i,e 16300 in weekly chart then its the crash scenario; govt. has to watch this level to save economy.
# Please not above view is for only learning purpose.
Trade closed: target reached:
Worrying Scenario may end; as market can make u turn from here.