Nifty may form a double top or maybe get fissled out before that near 18300 to complete wave B of ABC correction to end at 16000 levels by the end of Dec 2022.
This week could finally decide the trend forward. The sideways trend is near to its close, this week could see a break out or the more probable break down from the triangle to fill the daily gap at 15365 created on 28th May and to further find support at 15250 the point of negative divergence.
Longs seem to be drying and tiring. Both Nifty and Bank nifty are at crucial resistance levels. 15865 for nifty and 35350-35500 for bank nifty. Strict stop loss for longs - Profit booking could come in at any time.
Once below the support trend line and confirmation below the cloud could spell a long time unwinding of longs to head for lower lows.
Opinion only -...
Nifty has to get back into the channel for an up-move to 16000. To do this there is a stiff resistance at 15865 once it enters the zone above 15800. It needs to close above these levels , sustain and then attempt to touch 16000 which may further go to touch 16150 - 16200. At the same time , 15865 can also be a shorting opportunity with a 15 minute close above this level.
The nifty is at a critical level for short term. At the upper end of the rising wedge it may see a reversal on Monday to at least 15385 and then to 15335. the uptrend continues till the wedge breaks on the lower side.
