Nifty Outlook: The Case Of Initiative And Response Between Bulls
Nifty has continued forming the descending channel. Price has made three excess areas on the lower band. It means that bear traders are continuously trying to break down the descending channel. Price is following the control line with nine spot confirmation.
The trend will change after a breakout of the upper band, and it will drag the nifty price at my pivot point. And that pivot point will act as a hurdle. Hence, it has to climb up to that. And if that happens, then it will keep moving forward non-stop.
Otherwise, there is a high chance that the price will create an excess. This pivot has provided three successful reversals on the upper band.
Bearishness may drive nifty for one more leg down.
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After breaking the intermediate channel, Nifty has touched the lower band.