In the last analysis, we discussed. Now Nifty is advancing towards the most Critical Point in Price & time structure of the market. The resistance on the upper side now has shifted at 11800. Above that, we can see Nifty bulls strengthening back in the market. Now for further decline, Nifty bears need to break & hold below the Gann support 11619-11600 area.
Yesterday after flat opening, Nifty bears dragged the Index towards lower levels.
Once the market started holding below 11619-600 range, we witness the waterfall decline towards 11536 levels.
The imbalance in the Nifty Price & Time Structure is the significant cause behind this week’s massive fall.
The resistance on the upper side now has shifted at 11670 levels. Above that, we can see Nifty bulls strengthening back in the market.
The Index is likely to open a gap-down. However, the next significant support for Nifty is around 11200 levels.