This is just my speculation on how Nifty 50 will perform for the next few months.
As per my technical analysis, if Nifty hits ATH (~19000) in the very near time, then there is a chance for our market to go down from there. Either its 20%(~15000) fall or 35% (~12500).
Why?
1. RSI indicates a divergence.
2. Price will be testing the main resistance for the third time after the covid recession.
3. I just need one more confirmation (red triangle) from the nadaraya indicator as shown in the graph at the top level (ATH maybe), to close my holdings.
As of now, I'm in the side of 20% fall. 35% fall may or may not happen.
And one more to add up, the recent fall in US made it to reach the pre-covid level. Whereas our market haven't gone through a healthy correction yet (to the pre-covid level), which is still a worrying factor.
I expect Reliance and Banking stocks will drag the market down to pre-covid levels. Reliance weekly chart is too week for me, keep watching 2600 level.
P.S : Its not based on Fundamentals!
As per my technical analysis, if Nifty hits ATH (~19000) in the very near time, then there is a chance for our market to go down from there. Either its 20%(~15000) fall or 35% (~12500).
Why?
1. RSI indicates a divergence.
2. Price will be testing the main resistance for the third time after the covid recession.
3. I just need one more confirmation (red triangle) from the nadaraya indicator as shown in the graph at the top level (ATH maybe), to close my holdings.
As of now, I'm in the side of 20% fall. 35% fall may or may not happen.
And one more to add up, the recent fall in US made it to reach the pre-covid level. Whereas our market haven't gone through a healthy correction yet (to the pre-covid level), which is still a worrying factor.
I expect Reliance and Banking stocks will drag the market down to pre-covid levels. Reliance weekly chart is too week for me, keep watching 2600 level.
P.S : Its not based on Fundamentals!
Trade active:
Important Update:
On daily basis, we just broke down of an ascending channel which has been retested and confirmed. Which indicates a short term fall to 19200 & 19000 respectively in the very short term, even possible before next weekly expiry.
And we have an "inverted hammar pattern" at the resistance level (ATH) on the weekly chart.
What else we need when we have an inverted hammar on the most crucial level.
One more confirmation pending, the follow up candle on the weekly chart.
If the candle closes below the inverted hammar we are offically into the very beginning of the bear market. If turns green and holds till the end of the month, we will enter into a new phase of bull market.
P.S : See the volume in the entire chart. I still doubt we will go upwards from here. Lets hope for the best :)
On daily basis, we just broke down of an ascending channel which has been retested and confirmed. Which indicates a short term fall to 19200 & 19000 respectively in the very short term, even possible before next weekly expiry.
And we have an "inverted hammar pattern" at the resistance level (ATH) on the weekly chart.
What else we need when we have an inverted hammar on the most crucial level.
One more confirmation pending, the follow up candle on the weekly chart.
If the candle closes below the inverted hammar we are offically into the very beginning of the bear market. If turns green and holds till the end of the month, we will enter into a new phase of bull market.
P.S : See the volume in the entire chart. I still doubt we will go upwards from here. Lets hope for the best :)
Trade closed: stop reached