Nifty has managed to close above its 100 week EMA. Previously the zone near this EMA has acted as a major trend reversal zone and has also had many fake-outs near 100 WEMA (which you can see on charts) before reversing the trend which is a possibility here. It can test upper levels of 11000+ to potentially trap bulls before reversing. A weekly close below 10728 on Nifty spot would confirm this thesis. As long as Nifty doesn't close a weekly candle below 100 WEMA this bear case will be null and void.
Ur are right we are in last leg of up move for some major correction..see 1hr chart also.. some broken trend line can be retested.. if it closes up then11380 can be the reversal point.. monday closing is important
MRCOO0L
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Joking
anmolteja
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@MRCOO0L, Just basing this analysis off previous price behaviour. You're free to disagree.
MRCOO0L
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@anmolteja, it is not going to happen already most of stocks recovered from covid 19 crisis. it will go down but not that much. if any shocking news coming like 9/11 or covid 19 it would happen. otherwise stocks do not crash like that
krish2051
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@MRCOO0L, Be cool n keep dreaming. Stock Price is never an reflection of the on ground state
MRCOO0L
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@krish2051, Then what the fuck happened in March & April ?
anmolteja
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@MRCOO0L, Major institutions have not bought the March dip which tells something. Markets are rising due to the liquidity being injected by central banks. The moment this liquidity dries up what would hold stock prices? Market needs constant inflows of cash to keep rising. It can keep rising for a long time, no doubt, like in 2007 and we all know what followed 2007. Hence I'm only bearish below 10700. Nobody can catch tops and bottoms it's all just an estimate. My personal opinion is that this is a big pull back of a breakdown and not a trend reversal. Only time can tell.