After nearly a year long rally (24 march 20 to 16 Feb 2021), Nifty is in a downtrend. It has tried to test the upper band of the channel four times since then.
The bottom trend-line however has repeatedly been knocked at. The Red Candlesticks are all over since feb (i.e., Market opens high and closes with more than a 1% drop). March second half was brutal.
A retest of 14000, is imminent. Though its just a 5% drop from the current levels, 14000, would be the very key level before which big long side positions should be avoided.
The bottom trend-line however has repeatedly been knocked at. The Red Candlesticks are all over since feb (i.e., Market opens high and closes with more than a 1% drop). March second half was brutal.
A retest of 14000, is imminent. Though its just a 5% drop from the current levels, 14000, would be the very key level before which big long side positions should be avoided.