Analysis of Nifty for 20/03/24
W pattern failed and Nifty posted a big red candle below the previous candle body, indicating that there may be further fall. 5 DMA trend, MACD, RSI, MA crossover, and Intraday all these indications in our Share Analysis Software are down. Only 34 DMA and 200 DMA trends are up. 34 DMA sell turning price is 21697, which means if this level is broken, then Nifty will give a long-term sell signal.
Nifty has positively broken the channel in a downward direction. So there may be a rapid fall in a downward direction. Now the green line which was the support line earlier has become the resistance line. So if there is any pullback, this line will act as resistance.
Overall Nifty is moving in a downward correction wave - 4 of 3 of 1 of 5. The target of this wave considering the amplitude of 2 of 3 of 1 of 5 is 21141. Let us observe it.
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Nitin Shripad Joshi
Vedant Margdarshak
9922081120
