Outlook of Nifty 500 as on 24-02-2022

24 בפבר׳ 2022

Dear all, the market is in a bad structure, the demand zone was from 14100 to 14300, now that nifty 500 is taking out this zone, the weekly charts is now in structure of lower low and lower high which is a downtrend in longer time frame. This was one reason why I have said that tracking the global market structure is important, we have EU50 making down trending structure and even S&P 500 is near its major pivot. So my guess is that if we close lower for this week then the structure on weekly time frame will be a downtrend and we will see further down move in the market.

Safe trading.