NIFTY50-pain in short term & reward in long term ....
NIFTY50 : 23572.30
NIFTY is in Primary Bull cycle phase (on weekly charts) and in middle of Wave -3, which should take the NIFTY at levels of 33k-43K & finally 55K in next 2 years’ time frame.
On immediate basis (on daily chart basis) chart structure suggest it has entered Intermediate level wave -4 correction. Nifty at its crucial support of 200 Simple Moving Average, and on the weak footing. If nifty doesn’t hold these levels, it will open the downside till 20420 levels. Chart structure suggest that still downside risk is open.
The support levels are listed below
200 SMA placed @23542
S1- 22557; S2-21675; S3- 20420
Currently Nifty is in price correction mode which suggest it to last till Jan 25, and if followed by time corrections, than Fibonacci level suggest the these correction may last till another 2 quarters (Q1 FY25).
NIFTY is in Primary Bull cycle phase (on weekly charts) and in middle of Wave -3, which should take the NIFTY at levels of 33k-43K & finally 55K in next 2 years’ time frame.
On immediate basis (on daily chart basis) chart structure suggest it has entered Intermediate level wave -4 correction. Nifty at its crucial support of 200 Simple Moving Average, and on the weak footing. If nifty doesn’t hold these levels, it will open the downside till 20420 levels. Chart structure suggest that still downside risk is open.
The support levels are listed below
200 SMA placed @23542
S1- 22557; S2-21675; S3- 20420
Currently Nifty is in price correction mode which suggest it to last till Jan 25, and if followed by time corrections, than Fibonacci level suggest the these correction may last till another 2 quarters (Q1 FY25).
Trade active
NIFTY Taken Support @ 5O DAYS SMA.
If levels of 23550 are broken on closing basis, further pain as suggested will be on cards, and it will give confirmation that nifty has entered in time correction as well.
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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.