NIFTY Cyclical Movement
19 OCTOBER'21 - 18 JANUARY'22
The NIFTY index reached level 18,600 (approximately) in October'21 and retraced close to 11% in 62 days from point A to point B (refer to chart) in 62 days. At this point, a support trendline was extended from "1" to "B" after the market gained bullish momentum.
NIFTY regained it's 18,000 mark and reached level 18,350 (point C) in 29 days. This ends CYCLE 1 in the analysis.
18 JANUARY'22 - 4 APRIL'22
Retraced 14.64% from C to point D in 48 days, a faster downfall at a shorter a period of time. But, NIFTY has been keeping constant in its uptrend by taking approximately a month to regain its past high, 27 days from D to E while rising 4% (approximately) more than it did before.
4 APRIL'22 - 16 JUNE'22
From E to F (13%) in 39 days which coincides the hypothesis that their exists a pattern in the way the market is falling and rising with the days of retracement becoming shorter and on the buy side, the time frame remaining same.
Keeping this in perspective, NIFTY can reach 18,140 (approximately) till 16 June with a buffer of note more than 1 week. Once it reaches 18,140, I am expecting 4% further upside close to 18,800.
The market seems bullish-biased since the ability of the market to recover faster from the fall is evident.
The NIFTY index reached level 18,600 (approximately) in October'21 and retraced close to 11% in 62 days from point A to point B (refer to chart) in 62 days. At this point, a support trendline was extended from "1" to "B" after the market gained bullish momentum.
NIFTY regained it's 18,000 mark and reached level 18,350 (point C) in 29 days. This ends CYCLE 1 in the analysis.
18 JANUARY'22 - 4 APRIL'22
Retraced 14.64% from C to point D in 48 days, a faster downfall at a shorter a period of time. But, NIFTY has been keeping constant in its uptrend by taking approximately a month to regain its past high, 27 days from D to E while rising 4% (approximately) more than it did before.
4 APRIL'22 - 16 JUNE'22
From E to F (13%) in 39 days which coincides the hypothesis that their exists a pattern in the way the market is falling and rising with the days of retracement becoming shorter and on the buy side, the time frame remaining same.
Keeping this in perspective, NIFTY can reach 18,140 (approximately) till 16 June with a buffer of note more than 1 week. Once it reaches 18,140, I am expecting 4% further upside close to 18,800.
The market seems bullish-biased since the ability of the market to recover faster from the fall is evident.
Penafian
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