Nifty 50 (After-20/12/2022)

Analysis After 20th Dec 2022 Closing

Wave Count -
Nifty is in (5)th of 5th of IV Wave, means one more bullish movement is expected.
Also, strong supports are just below close of 20th Dec 2022.
1.38% Retracement of 3rd Wave in Small Cycle. (Orange)
2.Previous High support is just below 38% support.

Divergence -Bullish Divergence in 1 Hour time chart in MACD & RSI both.

View-Currently, Bullish from this point until 18100 level is not breach in Daily Timeframe.

Comment:

Took Support Yesterday on and Close almost on 18100.
Now, if today market will not recover and survive above 18100,
According to wave count and its retracement further fall is expected till 17000.

Have A Good Day!!!

Comment:

Daily Timeframe,
If Nifty close above 50% of yesterday's(26th Dec 2022)candle,
view will be bullish.

Comment:

furthermore, as shown in chart 50 to 68% of fibbo range is golden for reversal of trend.(Bullish)

have A Good Day!!

Comment:

Confirmation of 5th Wave upside will after breakout of black resistance line shown in chart.
Current View Bullish

Have A Good Day!!!