NIFTY lost momentum fell from 16.4K to 16.24K. Signals weakness.

NIFTY Strongly rejected the levels of 16400 days high and ended close to 160 points lower. This is a bad sign for the short term. As the rally could not sustain and lost steam and momentum is gone bottom will be tested again. It will be difficult for NIFTY to hold 16K levels tomorrow. If NIFTY hold 16K levels by the end of the day tomorrow. There will be a positive momentum back in the favor of bulls and Friday or Next week Nifty will try to push forward again. However if 16000 level is broken the pressure will be on 15800 to hold the ground. If 15800 level will be lost we will see 15.5K or even 15/14.8K on NIFTY. So tomorrow will be a very critical day.

Although lot of new investors would not have seen such volatility those who have seen lot of Bull and Bear markets will tell you that at the bottom and at the top such volatility is common. It is only through this churn that NIFTY will identify a firm bottom / a firm foundation for the next bull run.

Short Term View: Neutral to Bearish (14800 to 16700).
Medium Term View: Neutral (14800 to 17600).
Long Term target (2022 Oct-Nov to 2023 January-March) = 19.3K+