The 0-b channel has been broken today which Nifty Spot held yesterday. Weak below 10929 only and very strong support near 10800. 17 days from the Top and the correction can take 35 days also. Till the time limit gets over Nifty will have the risk of retracing the whole c-wave from 10677.75 also which could translate into a bear market. Now, Nifty is getting OS in Daily / Hourly and even Weekly / Monthly is at a reasonable level from the overbought situation. It can make another low closer to the last low of 10866.45 as well if sustains below 10929. Otherwise, we may get some pullback soon and this a-leg after the x-wave is about to get over soon. The safe trades are generally when a close above previous day happens in a downtrend. Anticipatory longs can be initiated with low risk close to 10900 levels positionally or at the change of bias.
The time limit allows Nifty to go down upto 10500 levels too, which is another parallel trend line support. The main chart will change if such retracement happens. Oversold bounces can keep coming. Any pullback also remains risky till the time limit gets over or we sustain above 50% retracement levels of the total fall or above the start point of x-wave at 11523.25.
No comments:
Post a Comment