Based on the mean reversal theory, NIFTY is moving between the zone as indicated in the chart. As it is visible that it is trading near to the top line of the zone, it may reverse up to 700 points (first stage) and next 600 points (second stage) progressively by 15-Mar-21.
Also you may look at the volume which is getting lower day by day (check in Nifty Futures, Nifty50 doesn't show volume). This also indicate poor strength of buyers.
Nifty50 had a breakout in late 2020s and hence its will not be a downtrend, it will give buying opportunity at corrected price.
Please let me know if you have any view on the idea.
Also you may look at the volume which is getting lower day by day (check in Nifty Futures, Nifty50 doesn't show volume). This also indicate poor strength of buyers.
Nifty50 had a breakout in late 2020s and hence its will not be a downtrend, it will give buying opportunity at corrected price.
Please let me know if you have any view on the idea.
Comment:
Please check the levels i have mentioned. Now nifty has down around 700 points as i have mentioned. It will consolidate here and again move down to 600 points more.
Comment:
Hi all,
On Friday, Nifty has approximately touched the point marked in the chart.
On Friday, Nifty has approximately touched the point marked in the chart.
Comment:
Nifty is moving towards the mentioned level of 14225. if this level supports then we will see a bounce back towards 14800 levels within couple of days.