Except the two corrections as marked, NIFTY 50 is on a steady climb towards 23K. Seems like we'll get there before the first vote is cast in the upcoming elections.
NIFTY is showing strong bullish RSI divergence and EMA crossover at 1 hour timeframe. If it opens/ sustains above 22222, first target will be 22444 and second target 22527. View will be negated with any bearish closing below 20 EMA/ 22200, in which case it may slide towards 21716.
MIDCAP NIFTY has formed an inverted Head and Shoulder Pattern at the crucial 10200 Support Zone and is poised for a breakout of 10500 Zone on Monday. A gap-up opening followed by short covering may see a sharp recovery towards 10653 and if it sustains above the Pivot of 10721 may trigger a rally to regain 11000 levels next week itself.
BANKNIFTY has completed the Elliot Triple combo Wave following the January Selloff. We might see an ABC correction wave coming in next two weeks. Important levels as marked.
NIFTY has completed Elliot D Wave of an Ending Diagonal pattern and broken the key support of 22058 and breached the long term crucial lower channel Trendline support. Every bounce will be an opportunity to exit Longs and initiate fresh shorts. Immediate support is placed at 21876. Sharp market declines often disregard key support levels like today. Next crucial...
BANK NIFTY if it sustains above 47200, keep trailing SL till the first level 47777 and onwards to 48161 (PDH). Sharp short covering may trigger above 47500 and 48000 If sustains below 47200, may slide to 46884 (PDL) and 46400. Positional longs may unwind sharply below 46500 and may slide to 46000.
R 22526 S1 22223 S2 22058 S3 21876 Bearish RSI Divergence on 1 hour TF indicates weakness If NIFTY sustains below 22223 then trail SL till the first level 22058 where the long-term Trend line may support. If this support breaks, trail SL till 21876 and it may slide till 21500 levels. Upside is limited with PDH resistance placed at 22531.