NIFTY is going through a complex correction since mid-Feb. The pattern of correction started innocuously but has become much more complex in the ensuing weeks, tracing a complex triangular pattern and a triangle within a triangle. A triangle has five legs and NIFTY is right now going through the complex final leg of the triangle. This will take NIFTY down to 14000 levels in the coming days or possibly within next 10 days. Once the triangle is done, NIFTY may be expected to rise up in great acceleration. For now, brace yourself for a correction.
Braced! doesn't look pernicious like last March. With this dark pandemic cloud your chart seems infallible :)
Yadunath
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@Gotledu, unfortunately the left side of the chart got missed out, I would take more care when I publish next time.
No, you can't compare it to March. March correction was the steepest in Indian stock market history, NIFTY dropped by 40% within six weeks..!! That's not what I am talking about certainly. Btw, a correction similar in size is due around Jul-Aug, I would be posting it eventually. But that correction won't be swift and dramatic like last Mar, it would be rather slow but it would more or less correct to the same extent as last Mar. More of that in another piece.