Nifty 50 - Analysis
As Nifty approaches a 10% fall from ATHs, it may be entering a period of technical correction, with the mid-cap, and small-caps already entering this phase.
On the weekly, Nifty has broken its prior HL, which means we could see a move back up, establishing a potential LH, and then another move down towards the 23600-500 levels or we view 24500 as a LH, which will need to be broken for Nifty to shift trends.
On the weekly, we have seen sharp selling, with the daily chart still not being able to get out of the downtrend, as it's forming new LHs and LLs. On the daily, ideally Nifty should hold above 24,500 to break trend.
However, we have seen 23800s hold quite well as support in the past, so this can potentially be a zone of consolidation, a small reversal, or a period of accumulation on stocks that are holding structure and displaying relative strength
If you look at the 4h chart, as per the Fixed Range Volume Profile, we see 3 key levels (marked in red and blue), showing the value areas so far. Price tends to come back towards the middle of the range, at around 24430 so that is a key level to look at. However, that was just a bear flag which suggested today's large move down towards the 23800s.
On the weekly, Nifty has broken its prior HL, which means we could see a move back up, establishing a potential LH, and then another move down towards the 23600-500 levels or we view 24500 as a LH, which will need to be broken for Nifty to shift trends.
On the weekly, we have seen sharp selling, with the daily chart still not being able to get out of the downtrend, as it's forming new LHs and LLs. On the daily, ideally Nifty should hold above 24,500 to break trend.
However, we have seen 23800s hold quite well as support in the past, so this can potentially be a zone of consolidation, a small reversal, or a period of accumulation on stocks that are holding structure and displaying relative strength
If you look at the 4h chart, as per the Fixed Range Volume Profile, we see 3 key levels (marked in red and blue), showing the value areas so far. Price tends to come back towards the middle of the range, at around 24430 so that is a key level to look at. However, that was just a bear flag which suggested today's large move down towards the 23800s.
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