Dear All,
September Month was so Volatile and devastating month so far, Gap Up and Gap Down makes us struggling to manage the existing position and for fresh entry also. This move is really a Consolidation phase as 3-3-3-3-3 which don't follow any proper retracement rules or Corrective structure also. This week I have elaborated some major indices move and what can be the possible move next.
> NIFTY HOURLY CHART <
So far Nifty has completed 50% of this Consolidation. As i have mentioned above, Monday and Tuesday are crucial, as the support 17260 & 17160 Must Hold. Else this analysis negated and fall to continue.
> BANK NIFTY HOURLY CHART <
Bank Stocks might give a Break out rally if Bank Nifty holds the support 39420. Bank Nifty decides most of the market move including NIFTY50 as many bank stocks have higher weightage and move Nifty also. So its very important for Bank NIFTY to hold for the benefit of entire Market.
> NIFTY IT DAILY CHART <
Rising Fed Rates worried Indian IT Stocks.
On March 2020 - from 11990 - to 39446 on Jan 2022, Now Corrected till 26500 may See a Short Term Bounce as mentioned above. IT Support is much needed for Market to stabilize.
> NIFTY METAL DAILY CHART <
Metal Index - may get channel support and Tata Steel consolidation news also. Support @ 6010.
