Nifty weekly Analysis For 07-08-23.
Spinning Top & Inside Candle got activated in Weekly Timeframe with this week's candle close below Last Week's Candle which is sign of Reversal of Trend.
But we need confirmation and that is below 19300. If Nifty trades below 19300, ABCD gets Activated in Hourly Timeframe
which is Continuation of Current Hourly Downtrend and Downside Targets are 19055/18880.
If Nifty retests 19300 and Bounces Back, Upside Targets are 19600/19800.
Trending Movement on Upside will be only If Nifty Above 19800.
Verdict: My view is Bearish to Sideways.
Spinning Top & Inside Candle got activated in Weekly Timeframe with this week's candle close below Last Week's Candle which is sign of Reversal of Trend.
But we need confirmation and that is below 19300. If Nifty trades below 19300, ABCD gets Activated in Hourly Timeframe
which is Continuation of Current Hourly Downtrend and Downside Targets are 19055/18880.
If Nifty retests 19300 and Bounces Back, Upside Targets are 19600/19800.
Trending Movement on Upside will be only If Nifty Above 19800.
Verdict: My view is Bearish to Sideways.