Nifty – To explain the above chart, we need to look at 3 aspects
1. The markets are overbought (Although markets can remain in overbought/oversold territory for long time. So should be taken as a marker and not as an absolute.
2. I have given two possibilities red and blue. In the red count we are already on our way into correction. In the blue count , rise a bit and then correct.
3. Todays price action should decide among the two possibilities
NIFTY Opening On 22nd Nov 2023