Nifty50 is in Strong Downtrend momentum

23 Jun 2022

Nifty50 is in strong Downside momentum

1. Nifty50 is forming lower high pattern which indicates market is in downtrend
2. ADX shows the short-term uptrend is weak and its show the maximum strength in downside
3. RSI is in oversold region; RSI will rebound, and Fall after Nifty reaches 15890
4. I am expecting a rejection over above 15886 level and then Nifty will create a new lower high as shown in the above chart
5. Usually in Downtrend market there will be short rally but in every short-term rally there will be huge selling

Finally,
1.Traders please focus on capital protection rather than making profits as this market is highly volatile and sideway
we need a proper confirmation in the nifty50 chart for further move so wait till nifty reaches above 15886.
2. Reduce your trading activity and wait for confirmation
Personal Advice: {if you see any rally in the market try to take short position as uptrend is very weak}
See you guys on other technical analysis idea
Thank you for spending your valuable time over here Guys
if you want to ask any question and doubts
ask in the comments section below

- Varun Raja V.K

Disclaimer
Above said points are my opinion and thoughts and its only for Educational Purpose
I am Not an SEBI registered advisor so consult your SEBI registered advisor before doing anything