Nifty Long Term View Jan 2023
In Nifty Long Term View, I’m going to show you what’s happening with Nifty till now. I’m going to explain that with charts. If you have any questions, please post it in comments.
To read and understand the charts easily, I’ve added my views above the chart for each specific chart Image.
Nifty Long Term View
Nifty is in a Long Term UpTrend from April 2020 to till today that is Jan 2023, see below image.
Nifty retraced approximately 30% from the top made around October 2021, and that 30% Retracement completed around June 2022. See below Image
Nifty took good amount of time for this retracement, we can consider this as retracement with consolidation.
Around August 2022 Nifty broke out of that retracement consolidation zone. Even at the breakout level Nifty consolidated for few months from August 2022 to October 2022. See Below Image
After Retracement Breakout, Nifty created a Short Term UpTrend Swing. And that UpTrend Swing broke recently in December 2022. See Below Image
Making that Nifty is in Short Term Down Trend and Long Term Uptrend.
If we check the retracment levels from the second point in Long Term UpTrend in Nifty, Currently trading above 38.2% Fib Retracement level. See Below Image
If we check the retracement levels from Short Term UpTrend Swing, currently trading above 50% Fib Retracement Levels. See below Image
Final Thoughts & What to Expect
- Nifty is in Long Term UpTrend and Short Term Down Trend
- There are the possible outcomes
- One is Nifty may break the Short Term Down Trend and putting it in UpTrend Again
- or Nifty may retest the Long Term Uptrending Trendline and may bounce from that level
- or Nifty may consolidate above the Trendline for a few months.
- or Nifty may break the Long Term UpTrending Trendline (I’m not expecting this, because even with bad global cues. Our market is in Long Term UpTrend)
- The above mentioned outcomes are just mere expectations.
- UpTrend may be resume, once the Short Term Down Trend is broken. And the Short Term Down Tend’s Trendline is not far way.
If you are seeing anything else from the charts or if you have any questions, please post in comments section.
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Disclaimer : I’m not a SEBI registered analyst, these are my views only.
