NIFTY today tested the all important complex vibration support zone of 11020 to 11050 on spot which was mentioned in yesterdays Blog. Inn which I wrote that when all major indices of world gave the breakdown of complex vibration pattern it’s not possible for NIFTY to hold its support levels for long. So today it got tested with this it also completes first logical target of this down swing.
As traders we must understand 1 fact. Financial Markets are part of a Planet which is ruled by Natural Laws. 1 simillar law which governs our planet is the Law of Gravity. So this law has to be respected. We saw a 1 way downfall on NIFTY from the level of 11618 which we saw on 16th of sep 2020 literally a week back. So we are down 600 points in 5 trading days. So it’s natural for nifty to take a temporary pause on ongoing down trend.
As my stand on markets continues to be on bearish side since 2nd week of sep. A decent fall has been witnessed since then. The setup and structure still remains week but before NIFTY resumes another swing on downside it needs some consolidation. In all circumstances nifty traders should look to enter shorts on upsides. As per time no major influence shall happen before 28th sep and as per price 11020 should break soon for constant weekness because official breakdown would conform only below 11000 to 11020 on spot.
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
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