Analysing the long term graph with a daily candle we can see that in the Fibonacci retracement the market can show a year low even at 12500 and as the coronavirus cases in India showing a reverse pattern to NIFTY so we can definitely expect some bearishness in the short term in the market but the virus might touch its peak sooner or later but the direction of the...
Weekly close above 8271 crucial for further upmove.
We are at 88% of Fibonacci level and at important junction where are are out of falling trend channel and retesting of lower band of channel is expected. If we come back in to the channel then also the trend remains the same and its down. In falling markets shorting is good idea and in which we can get maximum points.