I was studying some patterns last week , and same thing was seen in NIFTY Chart , so tried working over it day before and got some results following is my expectation from Nifty as per my working. I am not saying i am 100% sure as All Things Are Based On MONEY , so do your analysis first
1) M Pattern is seen on chart resting the Right Leg near 16100-16200 2) Market is looking Bearish due to following reason , ==> Rise in Bond Yield ==> Russia - Ukraine Border Issue ==> Indian Budget ==> Dollar Rising ==> FOMC Meeting ( Possibly a Rate Hike ) 3) My Support & Resistance point as per Thursday Market when nifty was on 17666 =>18350 =>17939 ==> Resistance Point ==> Nifty 17666 ==> Support Point =>17607 - This is the point where nifty took support on Friday 21st Jan ( Closed on 17617) =>17378 =>17148 =>16409 =>16150 4) Only Above 18350 i will be bullish till that time I Will Enjoy my SIP and MODEL PORTFOLIO
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Market took a dip from our level that is 17600 , reached next destination which is 17378 , struggled there for a while than broke down with bearish flag breakout went below 17148 , which was our next support broke it and immediately covered and closed at 17149.