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Indian market is taking cues from trend reversal seen in DJIA and Nasdaq, Nifty likely to head towards 17000+ mark

* DJIA has halted the down move and has closed on a positive note on a weekly scale indicating trend reversal and positive momentum

* It has retraced by 100% of the move that started from high of 36952 to the low of 32283 and currently it has done the equality of the same near the low of 30822 (Harmonic AB=CD pattern)

* On the weekly scale, it has formed a strong bullish candle after 5 weeks of continuous bearish price action while holding the 30500 key support zone which indicates positive buildup

* The momentum indicator are also in the oversold territory on the daily scale and it is showing initial signs of the divergence which is an early indication of a reversal

* Going forward, the index is expected to respect a major support of 30800- 30500 zone

* A decisive hold of the recent key support levels may help for Trend reversal and a short term bounce towards 33800-34500 zones.

Dow Jones Industrial Average (CMP 33,213) : Trend reversal towards 33800-34500, Support: 30800- 30500, Upside Potential Upto : 6%

NASDAQ

* We have seen that Nasdaq has been in the corrective phase and has seen a down move of about 3600 points from the high of 16212 touched in November 2021 to the low of 12587 in March 2022

* Currently, we are witnessing the similar corrective move of around 3600 points on the Nasdaq that started from the recent swing of 14646 to 11035 indicating that it has 100% equality of the previous move (Harmonic AB=CD)

* Nasdaq has been consolidating since the last 14 sessions in a range and is also seen forming double bottom pattern near 11000 zones

* On the weekly scale the index has formed a bullish candle pattern and has closed above its two week high indicating positive price action going forward.

* The momentum indicators are also expected to support the prices to move to higher levels since they have been in the oversold territory

* A decisive hold of the recent key support level near 11000 zone may indicate of a short term trend reversal and a bounce can be see towards 12800-14000 zones

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