As long as Nifty is below 10,930, threat of significant correction looms; Here are 3 short-term bets
Though Nifty remained positive, the chart structure will not turn bullish unless we register a decisive close above 10,930 levels
The Nifty closed positive for the last 4 week but the chart structure will only turn bullish once we register a decisive close above 10,930 levels, until then, the threat of significant correction remain
Surprisingly, this is the 4th positive weekly close in a row. But, the price behaviour throughout these 4 weeks remained sluggish with long lower shadows suggesting dips were considered as a buying opportunity.
However, in the current week, the price remained extremely narrower with a weekly range of 138 points indicating time may be ripe for a breakout in either direction.
Though Nifty remained positive, the chart structure will not turn bullish unless we register a decisive close above 10,930 levels. Till then, the threat of significant correction remains opened.
Supports have certainly not shifted higher though we are seeing some price appreciation. Chart pattern continues to remain bearish as long as Nifty50 trades below 10,930 levels thereby leaving a room for downswing which if materialises has the potentiality to drag down the index below 10417 level where a corrective structure will get culminated.
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