NIFTY has completed Elliot D Wave of an Ending Diagonal pattern and broken the key support of 22058 and breached the long term crucial lower channel Trendline support.
Every bounce will be an opportunity to exit Longs and initiate fresh shorts. Immediate support is placed at 21876. Sharp market declines often disregard key support levels like today. Next crucial level in the coming week for NIFTY will be 21535.
For tomorrow's expiry, Highest OI indicates a bounce back to 22K followed by a sideways expiry with max pain placed at 21950.
Every bounce will be an opportunity to exit Longs and initiate fresh shorts. Immediate support is placed at 21876. Sharp market declines often disregard key support levels like today. Next crucial level in the coming week for NIFTY will be 21535.
For tomorrow's expiry, Highest OI indicates a bounce back to 22K followed by a sideways expiry with max pain placed at 21950.
Trade closed manually:
NIFTY has broken the lower channel trendline signaling the start of the next wave. I will post my analysis of the next expected move in my next post.