In my last post I mentioned that Nifty needs to cross 5869 to confirm Trend Reversal and Failure to hold 5730 will add more pressure on Nifty & it may Slide to 5630.. Nifty tested 5864 & broke below 5730 Leading to Panic Sell Off to 5567..
|NIFTY - Daily|
Structurally current Fall from 6229 looks to be developing as a Triple Zigzag. Where Z achieved price equality with W & might have been complete at 5567. A Faster Retracement above 5755-70 would be indication of Trend Reversal. However, Failure to hold 5567 will open up more Downside to 5525-5480..
Currently Market is Oversold & there is +ve Divergence on RSI. So there is higher probability of likely Trend Reversal.. Once Nifty starts trading above 5755-70 we may expect move up to 5970-6045-6090.
Thanks & Regards,