NIFTY weekly analysis

NSE:NIFTY   Nifty 50 Index
Nifty CMP is 8083
* If you see the weekly RSI , then it will show nearly about 15 indicates (nearly about all time low) that there is no strength is left to go further downside (Below 7500 level).
* If Nifty breaks the 7500 level then it will clearly indicates strong bear run into the market and could go around 6300 level.
* Now sudden fall in the market might not seen further as it factored previously and it may take a pause in the range of 7900-8700 levels for a long time period of 2-3 months.
* volatility in the market will reduce gradually from now and it will stabilize as clearly the chart has very small strength to go further downside and may take reversal.
* Right now nifty is standing nearly at the retracement level of 78.6% from 2016 to 2020 bull run. Already broken the so called golden ratio of 61.8%
* Nifty might go under a long sideways zone of 8500-11000 level for the next 2-3 years

* whatever the situation occurs like invention of coronavirus vaccine, then also i am not seeing the further bull run from now onward to 12500 level for the period of 1-2 years.

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