NIFTY view on 14th January, 2024 (Likely headed below 21K)

The whole move in NIFTY from the high of 22124 on 24th January this year looks corrective in nature. We seem to have completed W and X legs of the complex W-X-Y correction so far and Y seem to be unfolding. Y is typically the largest leg so we will likely see sub-21K levels soon. For the time being, #NIFTY is falling in a channel and top end of the channel is around 21850 which also falls within 50% - 61.8% of the move from X so far. At max, we might touch 21900 but that should be potentially the high zone after which we should keep heading lower.