$NIFTY What is the status of the market and forecast?

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$NIFTY What is the status of the market and forecast?   The indian stock market has been in a bullish trend for a very long time now.  It hasn’t even gone through a major pull back at all.

Here is the monthly chart for the $NIFTY:

The market did a minor pull back to the major multiple time frame support at 10089.87.    It is holding this level so far.

Here is the weekly time frame.   It will give us more details.

The chart is in a major bullish trend.   It tried to go through a major pull back but the support at 9959.88 held it.   As long as this support holds, the market will not go through a weekly major pull back.     The resistance is at 10724.23 which is stopping the market from retesting the high and continue with the bullish trend.

Let’s look at the daily time frame now:

The daily time frame hows the market is controlled by the weekly time frame.   The daily entered a bearish trend but stopped due to the weekly support.     It bounced off it and trying to get the weekly resistance.     If price gets to the weekly resistance and a bullish setup occurs, there is a high probability of breaking it.



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