Nifty completes ABC and retraced 78.6% back to the gap support at 14421. All good to resume the uptrend unless we get a 5 wave decline. 3 wave declines are counter-trend and that means that the larger trend is up
The Trendline has been sharply broken by the candles and is expected to reach the nearby support.
Market is already in Greed mood plus there is no update on Covid, more and more people will try to book profits as the market is in overbought or inflated(PE OF BN is 23.1) considering the current condition.
You can expect a target till nearest support
The Time Frame...
Bank Nifty - Technical Analysis:
Bank Nifty had a gap down opening and continued downward, closing 3.5% down.
Bank Nifty breached the 22000 level before holding the 61.8% retracement level.
Market - Driving Factors:
Aditya Puri, Managing Director of HDFC Bank, sold over 95% of his stake in the company. Multiple other insiders sold their HDFC Bank...
NIFTY - Technical Analysis:
On the daily chart Nifty broke into the previous wedge after giving a failed breakout
There was a big OI build up for weekly call options at 10700 strike, indicating that writers are confident that Nifty won't cross 10,700 levels in the next 2 days
MACD entered negative levels, giving out a strong sell signal
NIFTY - Driving...
Throughout the previous week, the Indian equity markets remained less volatile than expected, but at the same time, it marked some important technical events. After trading in a 350-point range, the index resisted to its key resistance zones, retraced and ended the week with a modest loss. The RBI Credit Policy largely remained a non-event for the markets. The...