Nifty Monthly
On Monthly Chart RSI fall from near 80 touch 60, Out of 5 time 4 time fallow this, as per chart. In 2005-06 is not fall till 60 and turn up again and again as per RED Square box, then we see 2008 big fall. In 2018 to 2020 we see price made Higher High and RSI made Lower Low then again we see big and Sharp fall. so this time touch sixty then good for long term and if turn up from here then possible that we see new High in coming days and then fall later.
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Nifty Weekly
As per This Weekly chart we see in Lower Pane that, How Many above 50MA (RED LINE) and 200MA (Yellow Line) , We see that More then 95% stock above 50MA on weekly chart we see some fall in Market. Till 40% stock above 50MA, This week we see Red Line Touch That Green Doted line on chart, and above 200MA Yellow Line is near 76% Stock, As per History it may touch near 70%of stocks above 200MA (Sky Blue Line) , So if Market Turn up From Here as per this weekly chart then also chance that stocks move above 50MA but inside stocks break 200MA and some Zigzags or Volatile distribution Zone possible in coming days. So If More stocks fall below 50MA on weekly Basis then we see below 200MA is also increase.
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Nifty Daily
As per Below Daily chart we see that when ever 80% or Higher Stocks Trade Below 50MA then we see some good bounce in coming days. Currently only 13-14% stocks Trade above 50MA IN NSE500 Symbol List. SO as per observation is one type of oversold zone. So Some Bounce is possible.
Summary
AS per all Monthly-Weekly and Daily Chart Analysis we see that Higher time frame is on down side move and Lower time frame is in oversold zone so some Upside Bounce Possible in shorter time frame. VIX also weekly Close Above 25 and Tomorrow is Monthly expiry also close above 25 then coming days we see more Gaps and Big Range Move in Market.
