The Futures Chart of nifty showed that it was in a broad range from october 2021 till 4th march 2022.
Breakout on the downside of the trend , may lead to retest of the range at around 16200 and then will continue to move down.
The support is at 15650 to 15450.
So Nifty may correct a good 500-600 points, before having an upleg again.
And break below 15450 may result in a sharp fall, volatility will increase, so trade cautiously.
Few more months of sideway market is expected after such a big rally that started from 2020.
Any Buy Opportunity can be only after a HHLH formation only.
(Log Scale is used for the chart, TimeFrame Daily)
Breakout on the downside of the trend , may lead to retest of the range at around 16200 and then will continue to move down.
The support is at 15650 to 15450.
So Nifty may correct a good 500-600 points, before having an upleg again.
And break below 15450 may result in a sharp fall, volatility will increase, so trade cautiously.
Few more months of sideway market is expected after such a big rally that started from 2020.
Any Buy Opportunity can be only after a HHLH formation only.
(Log Scale is used for the chart, TimeFrame Daily)