The international markets like 
STOXX50 and 
HANGSENG are experiencing a positive momentum and 20-Day is above the 50-Day, 100-Day SMA and 200-Day SMA. This indicates a bullish momentum in European and Chinese stock market. In contrast Indian index 
NIFTY which was a favorite trade in 2023 and 2024 has been underperforming with all the SMA below the 200-Day SMA indicating a bearish pattern.
In the chart we have plotted an upward sloping Fib retracement level with Covid Lows as the bottom and prior to Covid as the top. In this upward sloping FIB retracement levels, we see that the index has very much stayed within the upper and the lower bound of the upward sloe. The recent crash has also not violated the lower bound. But theNIFTY is 3.618 Fib Level which is exactly @ 22796. If index levels respect the FIB Channel then there is some more downside to the index left until it reaches 22000 at the bottom of the range. My opinion we should be long NIFTY @22000. What are your thoughts?
LongNIFTY @ 22000 level.
STOXX50 and HANGSENG are experiencing a positive momentum and 20-Day is above the 50-Day, 100-Day SMA and 200-Day SMA. This indicates a bullish momentum in European and Chinese stock market. In contrast Indian index NIFTY which was a favorite trade in 2023 and 2024 has been underperforming with all the SMA below the 200-Day SMA indicating a bearish pattern. In the chart we have plotted an upward sloping Fib retracement level with Covid Lows as the bottom and prior to Covid as the top. In this upward sloping FIB retracement levels, we see that the index has very much stayed within the upper and the lower bound of the upward sloe. The recent crash has also not violated the lower bound. But the
NIFTY is 3.618 Fib Level which is exactly @ 22796. If index levels respect the FIB Channel then there is some more downside to the index left until it reaches 22000 at the bottom of the range. My opinion we should be long NIFTY @22000. What are your thoughts? Long
NIFTY @ 22000 level. 
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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.