When we see the current situation of
, we can notice the thrust rejection setup/ CM Setup, which has taken place a couple of weeks back. In the 4h Chart, the downtrend is very clear. The downtrend in Nifty 50 actually started somewhere around 18th October 2021, from there we are seeing consistent selling pressure in the index.
Take a look at the Price Action Analysis on the 4h Chart - Given in the Video Below.
What we are seeing right now is a kind of complex correction. Based on the Chart Analysis, we can expect the market to continue the bearish momentum. We might see some bounce back in the Price Action, but it’s unlikely to continue, as the momentum is skewed to the downside.
Unless and until we see a strong bounce in the index prices and break at the Resistance around 17600, we can’t expect the market to trend higher. If we applied the volume on the nifty 50 indexes, from the last couple of months we do not see any big changes in the volume.
We have major support exactly around 17000, if the prices break 17000 the next major support is going to be around 16500, which is just below that. On the other hand, the major resistance is exactly around 17600, if prices break this particular resistance, we are going all the way till 18000.
If you’re trying to make trades based on the current environment, I recommend following strict risk management, as the market prices might get more volatile.
Keep an eye on the Price Action in the upcoming week and take trades accordingly.
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where is the videoLike 2
liked it. good analysisLike 0
best explanation sirLike 0
Every investor knows until we get some clear pictures on Omnicron we cannot expect bounce. Market will be zigzag.Like 1
Tnx for the analysisLike 1
Thanks !! Keep us posted !!!Like 0