We already saw a rising wedge and a sharp fall from 16200 to 15800 in the previous post. I believe a short covering might happen in the market from around 15700 as it was the previous low for nifty (15671). We can expect the short covering to 16200 and might go towards 16400 and then start falling again to make a new lower low in the market which will be below 15670.
We can see the RSI in the daily chart is oversold and in a 15-minute timeframe forming a positive divergence, hence this will bring a short covering.
16000 might act as a resistance and we can take the short positions after the short covering.
We can see the RSI in the daily chart is oversold and in a 15-minute timeframe forming a positive divergence, hence this will bring a short covering.
16000 might act as a resistance and we can take the short positions after the short covering.