Nifty – Technical Outlook
As per the current Nifty weekly and monthly chart analysis, the index is trading within a broad consolidation range between its all-time high zone of 26,300 and the key support area near 25,160. The price structure indicates a flat correction formation as per Elliott Wave theory.
Based on the wave structure and momentum indicators, the ongoing flat correction appears to be in its final stage. Once completed, the market is expected to witness a five-wave downside move, which would mark the next corrective leg in the broader trend.
As per the chart structure, the potential correction from current levels could extend in the range of approximately 6–10%.
On the monthly timeframe, Nifty has formed an Evening Star candlestick pattern, which is a bearish reversal signal and indicates underlying weakness in the market structure.
Budget Session Outlook
During the budget session, Nifty may witness a pullback or bounce toward the 25,650 – 26,063 zone However, this upside is likely to be corrective in nature and may represent Wave 2 of the anticipated five-wave downside structure.
⚠️ Buying should be avoided in this resistance zone, as risk-reward does not favour fresh long positions at these levels.
Shorting Opportunities
Primary short opportunity:
If the index shows rejection or reversal signals in the 25,650 – 26,060 resistance zone, it may provide a favourable setup for short positions.
Confirmation-based short opportunity:
A decisive close below 25,160 (which also coincides with the 200 EMA) would confirm downside strength and offer another high-probability shorting opportunity.
Invalidation Level
This bearish outlook will be invalidated if Nifty closes above 26,350 and sustains above this level, which would negate the current Elliott Wave and corrective structure.
As per the current Nifty weekly and monthly chart analysis, the index is trading within a broad consolidation range between its all-time high zone of 26,300 and the key support area near 25,160. The price structure indicates a flat correction formation as per Elliott Wave theory.
Based on the wave structure and momentum indicators, the ongoing flat correction appears to be in its final stage. Once completed, the market is expected to witness a five-wave downside move, which would mark the next corrective leg in the broader trend.
As per the chart structure, the potential correction from current levels could extend in the range of approximately 6–10%.
On the monthly timeframe, Nifty has formed an Evening Star candlestick pattern, which is a bearish reversal signal and indicates underlying weakness in the market structure.
Budget Session Outlook
During the budget session, Nifty may witness a pullback or bounce toward the 25,650 – 26,063 zone However, this upside is likely to be corrective in nature and may represent Wave 2 of the anticipated five-wave downside structure.
⚠️ Buying should be avoided in this resistance zone, as risk-reward does not favour fresh long positions at these levels.
Shorting Opportunities
Primary short opportunity:
If the index shows rejection or reversal signals in the 25,650 – 26,060 resistance zone, it may provide a favourable setup for short positions.
Confirmation-based short opportunity:
A decisive close below 25,160 (which also coincides with the 200 EMA) would confirm downside strength and offer another high-probability shorting opportunity.
Invalidation Level
This bearish outlook will be invalidated if Nifty closes above 26,350 and sustains above this level, which would negate the current Elliott Wave and corrective structure.
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.