NIFTY - On the verge of a correction

21 Jun 2024

There is a possibility that the market is being interrupted by the intersection of two strong resistances (mid-trend line intersection) which calls for a correction in the monthly time frame.
However, the penultimate move is yet to be completed.
The market is about to test the previous day's low 23,442.60 & after that, there will be a struggling upward move testing again at 23,664. The correction progresses from there to the 21,280 ~ 21,200 levels
Today support for the upcoming penultimate move will be,
SI - 23,442.60
SII - 23,435 ~ 417
SIII - 23,382
NO recommended SL for this trade setup (Any substantial increase above 22,664, calls off the trade).
The resistance to the final move is 23,664 & is expected to surpass the said levels by a minimum margin.
Trade accordingly.

21 Jun 2024

Nota

*PS: GIFT NIFTY is mute