1. As you can see in the chart, #NIFTY is in LH-LL structure since September 2021. It's a prolonged consolidation and looks like it's going to continue for some more time.
2. Whenever NIFTY has hit channel bottom, recovery has been fast. And whenever NIFTY has hit channel top, it enters bearish consolidation phase.
3. On Friday, NIFTY made a Abandoned Baby candle, which can be considered a short term reversal if follow up candle confirms. So any closing above 16650 may hint at short term reversal for short term targets 17000/17200 however, overall structure is weak.
4. Below 16300, this bearish phase is going to continue and may find its bottom in between 15500 to 14500 to make a new LL. After that, it total depends on NIFTY whether it breaks down the channel for further weakness or reverses back to 17600+ levels to make a new HL.
5. As of now, trend is to Buy at Bottom and Sell at Top of channel, which is successfully in place since September and looks likely it's going to continue unless something highly Positive or Negative happens and NIFTY changes the trend all of a sudden.
6. Traders, ride the trend. Investors, stay invested patiently.
7. As always, consult your financial advisor before investing. If worth it, do Like, Share and Comment your view.
2. Whenever NIFTY has hit channel bottom, recovery has been fast. And whenever NIFTY has hit channel top, it enters bearish consolidation phase.
3. On Friday, NIFTY made a Abandoned Baby candle, which can be considered a short term reversal if follow up candle confirms. So any closing above 16650 may hint at short term reversal for short term targets 17000/17200 however, overall structure is weak.
4. Below 16300, this bearish phase is going to continue and may find its bottom in between 15500 to 14500 to make a new LL. After that, it total depends on NIFTY whether it breaks down the channel for further weakness or reverses back to 17600+ levels to make a new HL.
5. As of now, trend is to Buy at Bottom and Sell at Top of channel, which is successfully in place since September and looks likely it's going to continue unless something highly Positive or Negative happens and NIFTY changes the trend all of a sudden.
6. Traders, ride the trend. Investors, stay invested patiently.
7. As always, consult your financial advisor before investing. If worth it, do Like, Share and Comment your view.
Now #NIFTY may consolidate between 15650-15400 for a few days before further selling begins. Any rise is a sell as of now.