You would find yourself in a FOMO position ooohhh I missed it but in the market, there is no place for such emotions. One has to be on Toes to grab what they are going to get. I created a trendline from last year's lows to Friday's low.
The Friday's close was exactly the close of 10/03/21 & there on we see a good deep retracement. Also on the weekly chart if we look the Bollinger band seems to contract and there is a high probability of going sideways and showing a retracement near to the levels the Trendline not being able to defend on the daily chart is 14800-14600-14300.
But it can't be ruled out that Nifty is in an uptrend and we can also see through Elliott waves that Higher highs and Higher lows were formed. Yet I believe there is a good chance to short from here.
The Friday's close was exactly the close of 10/03/21 & there on we see a good deep retracement. Also on the weekly chart if we look the Bollinger band seems to contract and there is a high probability of going sideways and showing a retracement near to the levels the Trendline not being able to defend on the daily chart is 14800-14600-14300.
But it can't be ruled out that Nifty is in an uptrend and we can also see through Elliott waves that Higher highs and Higher lows were formed. Yet I believe there is a good chance to short from here.