In the long term Indian Market might touch around 12500Analysing the long term graph with a daily candle we can see that in the Fibonacci retracement the market can show a year low even at 12500 and as the coronavirus cases in India showing a reverse pattern to NIFTY so we can definitely expect some bearishness in the short term in the market but the virus might touch its peak sooner or later but the direction of the market might also be affected by the effect on Indian Economy which is going to be bad for 2 consecutive years. Also, the markets at the 15000 level are overpriced due to the entry of a lot of retail investors into the market this year. But the market is surely overpriced and can correct even till 12500 levels.
Nify
NIFTY overview for near future
We are at 88% of Fibonacci level and at important junction where are are out of falling trend channel and retesting of lower band of channel is expected. If we come back in to the channel then also the trend remains the same and its down.
In falling markets shorting is good idea and in which we can get maximum points.