Nifty: Is Nifty in a downtrend for 8-13 months
Nifty
If we look at the overall chart structure, prima facie it looks like Nifty has started a downtrend from Dec 2022.
Currently, Nifty is trading below 21 day EMA, 63 day EMA and now also below 252 day EMA
If Nifty weekly closing is below 17430, then it may signify that Bears are in control of the market as of now.
Above 17430 Nifty too Nifty may face another stiff resistance around 17604-17620 odd levels and final resistance looks likely to be around 17800 odd levels. So Bulls have an uphill task.
Below 17280 may potentially open doors for further downslide towards 16900 odd levels in the short term.
The structure can take Nifty down to around 16000 odd levels by September 2023.
Important levels on the upside in the short term
17430-17450 / 17604-17620 / 17800 odd levels
Important levels on the downside in the short term
17331 / 17280 / 17080 / 16900 odd levels
Focus on Risk Management and Plan your trade accordingly...!!!
Take care and trade safely...!!!
Take care & trade safely...!!!
If we look at the overall chart structure, prima facie it looks like Nifty has started a downtrend from Dec 2022.
Currently, Nifty is trading below 21 day EMA, 63 day EMA and now also below 252 day EMA
If Nifty weekly closing is below 17430, then it may signify that Bears are in control of the market as of now.
Above 17430 Nifty too Nifty may face another stiff resistance around 17604-17620 odd levels and final resistance looks likely to be around 17800 odd levels. So Bulls have an uphill task.
Below 17280 may potentially open doors for further downslide towards 16900 odd levels in the short term.
The structure can take Nifty down to around 16000 odd levels by September 2023.
Important levels on the upside in the short term
17430-17450 / 17604-17620 / 17800 odd levels
Important levels on the downside in the short term
17331 / 17280 / 17080 / 16900 odd levels
Focus on Risk Management and Plan your trade accordingly...!!!
Take care and trade safely...!!!
Take care & trade safely...!!!
Nifty respecting the zone to perfection....
Above 17450 next resistance is around 17604-17620 odd levels