Nifty literally needs a healthy correction.
Updated
Hey everyone,
Let's do something different from Forex and Cryptocurrencies markets. The Indian Stock market index.
Nifty, on higher timeframes, seems like a cryptocurrency chart. Currently it is rallying upside like Bitcoin did at the end of 2020. The bullish charts look fruitful to beginners but it is a huge trap set by the FIIs or the Smart Money. They make people buy high and sell low, which makes people loose their interest and trust in the financial markets. People call these markets a gamble, but the reality is different. If you enter in any field of work without any knowledge, you would always loose.
Lets get back to Nifty lol
The same condition is taking place in Nifty too. It can't keep flying forever. I will come back for a correction. The correction might take place in the upcoming weeks. You should be ready for Nifty to be around 12-14k.
The new investors are still taking long positions after looking at the lower timeframes and that 200 MA on the daily timeframe, which is the the last support. They are not looking at the bigger picture!
I have marked some demand zones where Smart Money might want to take positions. The nearest zone is 16382 to 16707. The second nearest zone is 15529 to 15895. The pink zones are the major demand zones, you should look at the chart yourself and check it out.
Most of the popular Indian traders are still shorting the market. Let's see how long does this shorting game goes on.
Other thing might happen is, Nifty might go till 20-21k and then take a correction. It would be a whole different scenerio.
Hope you like reading this.
Let's do something different from Forex and Cryptocurrencies markets. The Indian Stock market index.
Nifty, on higher timeframes, seems like a cryptocurrency chart. Currently it is rallying upside like Bitcoin did at the end of 2020. The bullish charts look fruitful to beginners but it is a huge trap set by the FIIs or the Smart Money. They make people buy high and sell low, which makes people loose their interest and trust in the financial markets. People call these markets a gamble, but the reality is different. If you enter in any field of work without any knowledge, you would always loose.
Lets get back to Nifty lol
The same condition is taking place in Nifty too. It can't keep flying forever. I will come back for a correction. The correction might take place in the upcoming weeks. You should be ready for Nifty to be around 12-14k.
The new investors are still taking long positions after looking at the lower timeframes and that 200 MA on the daily timeframe, which is the the last support. They are not looking at the bigger picture!
I have marked some demand zones where Smart Money might want to take positions. The nearest zone is 16382 to 16707. The second nearest zone is 15529 to 15895. The pink zones are the major demand zones, you should look at the chart yourself and check it out.
Most of the popular Indian traders are still shorting the market. Let's see how long does this shorting game goes on.
Other thing might happen is, Nifty might go till 20-21k and then take a correction. It would be a whole different scenerio.
Hope you like reading this.
Trade active
Retraced from the first pink zone, made a low at 16410.20. You can see the low because of the yellow line.
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