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!
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Also I expect RSI to curl down and lose steam (red path)
Hello @imkeshav well, let's see how nifty will play out! and your view is interesting so let's be vigilant and follow the market sentiment. lastly thank you for sharing your POV
This fall may not happen rt now I think.. we haven't seen exit yet from big institutions yet. Volatility needs to increase .. they would need time to sell their bags .. then we will see start of wave C .. just my thoughts