Nifty50 bulls still trying to hold the level which has low volumes and exhaustion phase. Would like to see nice red candles forming on Heikianshi to confirm the downtrend.
We are testing the upper resistance zone, which should get some confirmation moving forward.
For this week we are looking at downward pressure building up which will set the tone for entire December month.
A possible New year rally will only be a Wave B upside which should collapse by mid Jan 2024 resulting in Wave C downward will 20,000 levels. Post that again upside momentum will continue.