* I explain weekly chart, in explanation I explained from last four months but actually it was from last four weeks.
So Nifty price action shows - Slight down to consolidation bias
Market has trapped lower low formation so 23500/23600 will act as strong demand zone
Major constituent of Nifty
1. Finnifty - Consolidatiing after hitting all time high so, down to sideways for short term ( one to four week)
2. Nifty IT - Slight down and consolidation
3. Nifty oil and Gas - Down this previous demand zone of 10750
4. Nifty Auto - Follows almost Nifty and Nifty oil and gas structure so down to side ways
5. Nifty FMCG - At the bottom of consolidation so down chance are high
Over all sideways to down bias
So Nifty price action shows - Slight down to consolidation bias
Market has trapped lower low formation so 23500/23600 will act as strong demand zone
Major constituent of Nifty
1. Finnifty - Consolidatiing after hitting all time high so, down to sideways for short term ( one to four week)
2. Nifty IT - Slight down and consolidation
3. Nifty oil and Gas - Down this previous demand zone of 10750
4. Nifty Auto - Follows almost Nifty and Nifty oil and gas structure so down to side ways
5. Nifty FMCG - At the bottom of consolidation so down chance are high
Over all sideways to down bias
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.