Market Structure: B-C Correction in Progress
Current Trend: NIFTY is undergoing a B-C correction phase, where wave BC is expected to be an impulsive 5-wave movement on the downside.
Retracement Scenario: Currently, NIFTY is in a corrective move within the 4th wave of the BC leg, retracing downward.
Key Retracement Levels: Expecting a pullback to the 38.2% to 61.8% Fibonacci levels, which could act as a resistance before the next downward leg resumes.
Target Projection: Based on wave structure analysis, NIFTY may reach 21,470 levels as the next significant support zone.
Volume and Market Sentiment
Volume Analysis: Selling pressure remains dominant; any short-term retracements could be seen as opportunities for further downside.
Momentum Indicators: RSI & MACD likely show bearish momentum, confirming the downward move.
Key Resistance Levels: Any up move could face selling pressure around the 22,300 – 22,500 zone.
Conclusion & Trading Strategy
Overall Trend: Bearish – NIFTY is expected to continue its downside momentum after the current corrective wave completes.
Potential Shorting Opportunity: Traders can watch for resistance at Fibonacci retracement levels and enter short positions once confirmation of trend continuation is observed.
Key Support Zone: 21,470 remains a major level to watch for further downside price action.
Disclaimer:
This analysis is for educational and informational purposes only. It is based on technical chart patterns and market structures. Stock market investments involve risks, and past performance is not indicative of future results. Traders and investors should do their own due diligence or consult a qualified financial advisor before making any trading decisions
Current Trend: NIFTY is undergoing a B-C correction phase, where wave BC is expected to be an impulsive 5-wave movement on the downside.
Retracement Scenario: Currently, NIFTY is in a corrective move within the 4th wave of the BC leg, retracing downward.
Key Retracement Levels: Expecting a pullback to the 38.2% to 61.8% Fibonacci levels, which could act as a resistance before the next downward leg resumes.
Target Projection: Based on wave structure analysis, NIFTY may reach 21,470 levels as the next significant support zone.
Volume and Market Sentiment
Volume Analysis: Selling pressure remains dominant; any short-term retracements could be seen as opportunities for further downside.
Momentum Indicators: RSI & MACD likely show bearish momentum, confirming the downward move.
Key Resistance Levels: Any up move could face selling pressure around the 22,300 – 22,500 zone.
Conclusion & Trading Strategy
Overall Trend: Bearish – NIFTY is expected to continue its downside momentum after the current corrective wave completes.
Potential Shorting Opportunity: Traders can watch for resistance at Fibonacci retracement levels and enter short positions once confirmation of trend continuation is observed.
Key Support Zone: 21,470 remains a major level to watch for further downside price action.
Disclaimer:
This analysis is for educational and informational purposes only. It is based on technical chart patterns and market structures. Stock market investments involve risks, and past performance is not indicative of future results. Traders and investors should do their own due diligence or consult a qualified financial advisor before making any trading decisions
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.