I was studying some patterns last week , and same thing was seen in NIFTY Chart , so tried working over it day before and got some results following is my expectation from Nifty as per my working. I am not saying i am 100% sure as All Things Are Based On MONEY , so do your analysis first
1) M Pattern is seen on chart resting the Right Leg near 16100-16200
2) Market is looking Bearish due to following reason ,
==> Rise in Bond Yield
==> Russia - Ukraine Border Issue
==> Indian Budget
==> Dollar Rising
==> FOMC Meeting ( Possibly a Rate Hike )
3) My Support & Resistance point as per Thursday Market when nifty was on 17666
=>18350
=>17939
==> Resistance Point
==> Nifty 17666
==> Support Point
=>17607 - This is the point where nifty took support on Friday 21st Jan ( Closed on 17617)
=>17378
=>17148
=>16409
=>16150
4) Only Above 18350 i will be bullish till that time I Will Enjoy my SIP and MODEL PORTFOLIO
1) M Pattern is seen on chart resting the Right Leg near 16100-16200
2) Market is looking Bearish due to following reason ,
==> Rise in Bond Yield
==> Russia - Ukraine Border Issue
==> Indian Budget
==> Dollar Rising
==> FOMC Meeting ( Possibly a Rate Hike )
3) My Support & Resistance point as per Thursday Market when nifty was on 17666
=>18350
=>17939
==> Resistance Point
==> Nifty 17666
==> Support Point
=>17607 - This is the point where nifty took support on Friday 21st Jan ( Closed on 17617)
=>17378
=>17148
=>16409
=>16150
4) Only Above 18350 i will be bullish till that time I Will Enjoy my SIP and MODEL PORTFOLIO
Comment:
Market took a dip from our level that is 17600 , reached next destination which is 17378 , struggled there for a while than broke down with bearish flag breakout went below 17148 , which was our next support broke it and immediately covered and closed at 17149.