Nifty At Important Levels for Major Reversal for 2022
By Rohan Shinde
Nifty Index at very important Price Juncture for New Trend in 2022
Nifty Daily Chart (23 rd November 2021)
Nifty Daily Chart (23rd November 2021)
Nifty Analysis
The above is the daily chart of Nifty Index with the bullish trend-line is rising from the March ’20 low of 7511 levels with the same angle of price extension as you can clearly see how Nifty Index have closed each day above the bullish trendline keeping the strong uptrend intact. The recent 22nd November 2021 price action has made the breaching of trendline with now the strong uptrend giving some signs of reversals
Nifty Daily Chart (23rd November 2021)
Nifty Analysis
Nifty Index on the daily chart has the classical Head n Shoulder Chart Pattern, which neckline was broken on 22nd November 2021 with price testing the strong daily bullish trend line. The 23rd November 2021 Bullish candle has close above the trendline till now maintaining the longer bullish trend.
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Nifty Daily Chart (23rd November 2021)
Nifty Analysis
The downward angle trendline from the 19th October 2021 which mark the Life-Time High of Nifty at 18604 Levels then touching the High of 18210 levels of 15th November 2021 is now the major resistance bearish trend-line for prices to reversal for strong uptrend.
Conclusion
Till Nifty Index do not successively close on both daily and weekly basis of 17800 levels the strong uptrend from March’20 lows will be challenged with 18000 levels then can be next and final levels above which correction will be over and new highs can be seen with 19000+ levels till this do not happens Nifty has major risk for changing its strong Bullish Trend to Bearish Trend with Sell on Rise on each pullback.
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