Hi guys, Hope you went through my tagged Nifty analysis. Nifty has now broken down below very important Support trend line that was supporting index right from April 2020 (Pandemic low of 7500). Though chances are less but Nifty might try to retest support trend line taking consistent resistance now. On other hand if Global Indices especially US markets fall father then fall in Nifty is Inevitable.
I have made an important analysis which compares global indices & an emerging market ETF to ascertain the level on to which NIFTY has scope to correct further.
Sr. No. Index High price CMP Correction Correction due Corrected value
1 Dow jones 35000 34080 2.63 -2.93 33055
2 Nadaq 15000 14600 2.67 -2.89 14166
3 Nekkei 30700 27502 10.42 4.86 28994
4 DAX 15800 15185 3.89 -1.66 14922
5 MSCI EMI 58 52.69 9.16 3.60 55
6 FTSE 7158 6818 4.75 -0.81 6760
7 CAC 6674 6352 4.82 -0.73 6303
8 ASX 7360 7168 2.61 -2.95 6951
9 HANG SENG 31085 27178 12.57 7.01 29358
10 NIFTY 15960 15632 2.06 -3.50 15073
Average Correction 5.56
So, Nifty may soon touch 15073 (ALL levels are Spot). Trade for Nifty Future Target 1- 15770 Target 2 - 15300 Target 3 - 15100 keep SL of 15960
Try to enter near 15800 as this level is currently very good Resistance and good spot to short with lower SL of 150 odd points.
I have made an important analysis which compares global indices & an emerging market ETF to ascertain the level on to which NIFTY has scope to correct further.
Sr. No. Index High price CMP Correction Correction due Corrected value
1 Dow jones 35000 34080 2.63 -2.93 33055
2 Nadaq 15000 14600 2.67 -2.89 14166
3 Nekkei 30700 27502 10.42 4.86 28994
4 DAX 15800 15185 3.89 -1.66 14922
5 MSCI EMI 58 52.69 9.16 3.60 55
6 FTSE 7158 6818 4.75 -0.81 6760
7 CAC 6674 6352 4.82 -0.73 6303
8 ASX 7360 7168 2.61 -2.95 6951
9 HANG SENG 31085 27178 12.57 7.01 29358
10 NIFTY 15960 15632 2.06 -3.50 15073
Average Correction 5.56
So, Nifty may soon touch 15073 (ALL levels are Spot). Trade for Nifty Future Target 1- 15770 Target 2 - 15300 Target 3 - 15100 keep SL of 15960
Try to enter near 15800 as this level is currently very good Resistance and good spot to short with lower SL of 150 odd points.
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Related publications
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.