Nifty Short Term Update
As on Tue, 21 April 2026 | CMP: 24,576 | Posted at 6:45 PM
Bottom line
➡️ Short-term rally appears over-extended
➡️ Consolidation / pullback likely over the next few sessions
➡️ Bias: Down / sideways (short-term)
What’s happening
The bounce from 22,182 has been sharp and time-compressed.
- The prior decline (wave C) took ~59 sessions
- The current rise (wave A of D) has retraced ~61% of that move in just ~10 sessions
👉 This kind of time-price imbalance typically does not sustain
The move is now stretched on the upside, and is approaching a zone where reaction becomes likely.
Structure
Price continues to trade within a larger bullish triangle, currently in wave D.
Within this:
- Wave A (of D) → appears near completion
- Next phase → wave B (of D)
This should unfold as a corrective move lower, before the next leg up.
What to expect
- A pullback / consolidation phase is likely to begin soon
- Timing → already due, or within 1–2 sessions max
Expected move:
👉 Drift lower toward ~23,500 zone
👉 Likely to be overlapping / non-impulsive
Key levels
- 24,600–25,000 → Near-term exhaustion zone
- 23,500 → Expected support zone for wave B
Strategic takeaway
This is not a fresh trending move — it is a counter-trend rally within a larger structure.
- Upside from here → limited / late-stage
- Near-term → better to wait than chase
The focus should shift from:
“continuation”
to:
“reaction and reset”
Simple framework
👉 Above 24,600 → Stretch zone
👉 23,500 → Likely reaction target
👉 In between → Noise