Currently Nifty is approaching the strongest descending 8/1 resistance line formed due to the top that was formed on 4th.April 2022. The opportunity of piercing that line could come on 28th July '22 at 16722.8, where there is a cross over of the said descending line and a strong ascending 2/1 support line formed due to the bottom formed on 17th June 2022.
Comment:
Subsequent to the above observation at 13:00 hours on 22.07.2022, Nifty has not made any drastic move and the above observation holds good for the ensuing week. 28th July could be an important day.
Comment:
The predicted piercing at 16722 happened today as was expected. Bullishness shall continue if Nifty sustains above 16765.