$NIFTY - Bounce looks like a counter-trend, 7k next?
The bounce from the lows looks like a (B) wave of a larger FLAT correction, also seeing 1:1 of the internal sub-waves and confined to a channel. The (C) wave can play down as an impulsive 5 waves
Confirmation: We need to go below 50WMA just below 11,000
Target 1: 8500 (C is 0.618x of A)
Target 2: 7000 (C = A)
From fundamentals perspective,
India had the worst quarter with GDP contraction of -23%
A finance ministry report also admitted there is a disconnect between economic realities and equity markets. This chart playing out will bridge that gap
All the best!
Confirmation: We need to go below 50WMA just below 11,000
Target 1: 8500 (C is 0.618x of A)
Target 2: 7000 (C = A)
From fundamentals perspective,
India had the worst quarter with GDP contraction of -23%
A finance ministry report also admitted there is a disconnect between economic realities and equity markets. This chart playing out will bridge that gap
All the best!
Comment:
Also I expect RSI to curl down and lose steam (red path)
