NIFTY 50 forming Bearish Diamond Top Pattern which indicates bearish and also a volatile trend. In this pattern highs and lows showing some big volatile near term trend. In this ADX @ 15 indicates weaker uptrend. In a bearish trend RSI will not touch extreme overbought zone. At present DMA looking positive but may cross down. First downside target comes around 21700 and again may test upside up to 23000-200 levels. Once again come down to 22000-100 levels and from there may test 22800-900 levels and this will finally end up in 20100 levels before August 2024. Now government formed successfully with good understanding among alliance but that is not the issue. Here in upcoming days market will face many uncertainties. If any known negative event will be there market will correct immediately and factored it. If any positive things then it will be also factored before the event but market will be volatile only in uncertainties. That's why forming such volatile chart pattern. And also with long term bullish view now need some healthy correction.
Disclaimer :
This is only for knowledge sharing and for educational purpose. Please don't take this as a advice for your trade. Please consult certified professional and experts or do your own research before taking any decision.
Disclaimer :
This is only for knowledge sharing and for educational purpose. Please don't take this as a advice for your trade. Please consult certified professional and experts or do your own research before taking any decision.