NIFTY PREDICTION FOR TOMORROW 16 Nov 2022

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The much less probably state of affairs is that the index breaks via at 18,600. If that happens, Nifty will head to 27,000. The market has been generally shifting sideways for a few months now, with traders and merchants thinking whether or not there will be a breakout or a breakdown. Is the latest rally indicating a breakout, or will it simply be some other surge earlier than a deep fall? A market veteran acknowledged for his understanding in trend-reversal patterns on the consolidation patterns and how they end. The founder of Applied Elliott Wave.
I see it going down to 15,200 in six months. It can also contact 18,600 or even 20,000 and then fall to 15,200 and fall even some other 1,000 factors due to the fact of the momentum. The much less in all likelihood state of affairs is that it breaks via at 18,600, if that occurs then we enter a five-year bull run and Nifty will head to 27,000. But that is a a lot much less in all likelihood scenario.Severe bullishness is the second alternative. We look at what we call a triangle, or a consolidation pattern. Usually, a consolidation pattern happens between two parallel lines, when the broad understanding is that there is a balance between the bullish and bearish sentiments. uring a consolidation, if the trend lines aren’t parallel but move away from each other, then there are different implications.
If one of them is horizontal and the different is transferring away from left to right, then the line transferring away will point out the coming trend. If the decrease style is declining (then it suggests a downward fashion after the consolidation)… and this is the case in Nifty 50, Nifty five hundred and Bank Nifty… all of them are declining today. Therefore, I emphasise that the bears have already gained the sport however they have taken a pause proper now for the Nifty (to jump again to 18,300 levels). There must be some promoting now or 1,000 factors from now, doesn’t make a distinction due to the fact that has passed off earlier.
NIFTY SUPPORT: 17495,17385
NIFTY RESISTANCE:17943,18099