Can NIFTY Regain Its Balance or Will It Plummet Further?

16 Oca

Timeframe: 4h

After reaching a peak of 26,277, the NSE NIFTY has begun to decline within a downward parallel channel. The Elliott wave structure can be identified as (W) – (X) – (Y), where wave (X) peaked at 24,867, followed by a downward movement for the final wave (Y). The price has fallen below the 20, 50, 100, and 200 EMA levels, with an ATR of 166.36.

The correction has several key levels to consider:

• At 100% retracement of wave (W) at 21,962
  
• At 100% retracement of wave (a) at 22,827
  
• At the lower boundary of the corrective channel
  

Bearish sentiment is currently stronger than buyer demand. A reversal may occur either after a breakout from the parallel channel or at the lower boundary of the channel. This is possible as long as the swing low of 21,283 remains intact.

We will update further information soon.

10 Mar

İşlem kapandı: hedefe ulaştı

New low - 21,964

Will update new idea soon.