Nifty Weekly Doji candle View and targets.

Hey Everyone,

Bears are ripping bulls left right and center. More to come if 23000 level is broken.


As long as 23000 is not broken at weekly level , market cannot come down. If broken below are possible levels.

Downside
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Heavy supply ( offloading shares) , Trump sanctions and high oil prices and bad corporate results. Demand is currently very low across nifty50 index.

Anyway,. all the drama we saw in last 2-3 months (Oct - Dec) is just price action for next move. We might currently be in Wave C of ABC corrective Wave.

1) Wave C generally is as big as wave A giving target of (21864)
2) Wave C can also extend to 161.8% of Wave A and beyond , giving target of 20100 and a bit down till 19877 as there are 2 good FVG's in that are area to fill.

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My other analysis is giving a target of 21210 based on price action + 3 bar engulf candle + super trend ATR analysis bring the market next profit booking zone if (123.60 %- 131.00 %)
(21156 - 20934).

It's a (1:1) trade SL ATH entry at 23532 with target of 21210.
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Upside

Weekly TF formed a small doji candle with no body and almost equal wicks indicating equal selling and buying pressure exactly at July weekly election candle. Market might halt selling and can continue upside forming a W pattern which is also possible taking targets to 28000.

We are at a crucial point as indicated by Weekly Candlestick formation. Lets see how markets will unfold ,so exciting.

Happy Trading !!!!!!!!
Cheers.