Nifty Anticipated Happened

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 Nifty weekly chart


Analysis

As seen in the above chart, prices positively poised but last week it faced the resistance of 127.2% which was from highs of September 2021 till lows of June 2022. Also it is very clear that the index has formed a shooting star at the resistance of the Fibonacci which again has to be important observation. A reversal now to happen, it is important that prices need to break its previous week low of 19234 thereby opening negative possibilities. 

Wave theory indicates that Nifty might have completed wave B of one higher degree at 19523 levels and can open wave C on the lower side. As of now no reversal has occurred on the charts, this can only happen once the level of 19234 is broken, which can drag prices near to 18900 levels. However, any move above 19523 will continue the uptrend.

In my previous update I had mentioned that Nifty if crossed 19200 can move up towards 19350-400 levels thereby achieving my level of 19400 last week. 

To read my previous article on Nifty, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/07/nifty.html

The summation is Nifty has arrived near crucial resistance, break of 19234 will drag prices near to 18900 levels. However any move back above 19523 will open further positive possibilities.

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