So Here We Go For #Nifty Option1

Support In 6850-7100 Zone : Technical Structures

Using Very Simple & Basic Technical tools & analysis here With Assumption That History Rhymes https://twitter.com/InvesysCapital/status/1246502229676142592

1. #KeltnerBands 120M

10 yrs Average price corresponds to 120Mth price..Past Two Most Severe Bearmarket of 2000-01 & 2008 Got Support At Lower Keltner Bands

We Have Already Hit That Level At 7700

2. Quartely #BollingerBands

Bollinger Bands Are Placed At 2 Std Dev From 20 Qtr Moving Average

Since Inception, Nifty Has Hit Lower Band just Once & Bounced Back

Current Level Around 6821 Of Lower BB

20 Qtr Converted To Monthly Becomes 60M Bollinger Bands, Support 6875

3. #Dow Theory

Whenever Nifty Undergoes Cyclical Correction of 12M or More & Then Hits ATH, Cyclical Correction Low Is Not Breached, Keeping Higher High Higher Low Structure Intact So Far

Previous Cyclical Correction Low Is 6825

4. #Trendlines

Connecting Major Cyclical High Of 2008 or 2010 & Cyclical Low Of 2016 Provides Expected Support Zone Around 6900-7100

5. Andrews #Pitchfork

Using Andrews Pitchfork With Cyclical Highs & Lows Gives Supports Of 9200 At Middle Line Which Is Already Breached

Next One Is At Lower Line Around 6850

Combine Everything & We Get Convergence Of Multiple Support In 6850-7100 Zone

Would Expect This Zone To Hold If Nifty Comes There

If 6825 Is Broken Would Provide Technicals For Second Zone Of 4850-5200 , Again Convergence Of Multiple Supports

Till 6825 Is Held, Let's Wait