NIFTY bottom is formed or not is a million dollar question. In this video, we will analyze the Fibonacci level and harmonic patterns to study and conclude based on the majority analysis.
If you study the harmonic patterns, you will observe that NIFTY form the similar pattern on Fibonacci levels over a period of 6 months. The comparison of last 6 months with the previous 6 months suggests that this time also NIFTY has formed a same harmonic pattern on the Fibonacci level. The normal retracement level is 78.6% before the start of the new bull run. Therefore, it can be concluded that nifty bottom is formed.
In option chain analysis, you can observe that the probability of 10500 is high and the bottom is 10200. This combination is arrived based on various permutations and combinations.
At the same time, out of 50 nifty stocks, 28 are in the oversold zone. Among top 10 stocks, 6 are in the oversold zone with the weightage of around 38%.
Therefore, all these signals point out that NIFTY bottom is formed and the key proof is fibonacci levels and harmonic patterns that are confirmed by the option chain probability analysis.
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