Market Psychology

15 thg 2, 2023

It is in the supply zone of 17900 to 17950 forming a triple top pattern. Nifty is also forming a rising channel pattern which could mean that the majority is on the buy side. Hence a breakout would not lead to a big move because everyone will start booking profit. But a breakdown will create a panic as stop loss starts getting triggered. Last time on Jan 24 triple top led to 700+ points of fall. Therefore it is time for caution.