NIFTY Down Since 15th December 2022
Dated 28/032023
NIFTY 16700 critical support
Dynamic Trend Down as well since 15th December 2022 closing of 18467.
Nifty even since 15th December 2022 has been forming a lower top and lower bottom formation.
Lagging Trend has been down trend since 23rd December 2022 closing of 17863.
A combination of Dynamic Trend and Lagging Trend has lead to a slide to current levels.
Support critically is at 16700.
Nifty needs to hold the level of 16700 for time to come.
Reversal process can resume if close is above the lower top of 17280 on daily chart.
Tight trading stop loss for short position can be at 17125 for traders already in short position.
However objective still remains to exit long and sell on rise to 17142 or above till 17280 is not crossed on daily chart.
Monthly Chart
Lower high and lower low has been seen for last 3 months since January 2023 with negative and bearish candle which suggest down move or correction phase.
The major higher bottom is at 15202.
Critical support of 16700 and then further down at 15200.
On breakdown and close below 16700 expect 15200 to be tested.
In June 2022, RSI on monthly had dipped below 55 but in July 2022, recovery resumed from 15513 to 17222 in July 2022 to scale up to 18905 in December 2023.
If the recovery has to happen, then in April 2023 or slide down to 15200 if sustains below 16700.
Even on recovery objective remains to exit long and sell on rise to 17433 or above during April 2023 with a stop loss of 17864.
A rise and close in April 2023 above March 2023 high of 17863 can bring about reversal to end the correction phase.
The momentary bias is to test 16700 and moved down with volatility.
Intra-month rise in April 2023 is to exit long and sell.
Traders need to follow the monthly open for intra-day trades.
Purely intra-month trading is if trades above the open and above March 2023 closing to test 17433.
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