Nifty is on sideways trend-
Theory to proof.
1.19Oct-2021 price created new higher high.
2.After that price start falling from new higher high.
3.During fall price created weekly supply zone.
4.On monthly time frame we can not say price created monthly supply zone.
Reason- we have only single leg-out candle on monthly frame without any follow-up.
5.On wards 20 dec weekly candle onwards price again travel towards to weekly supply zone.
6. and 17 Jan weekly candle start respecting supply zone.
conclusion - One weekly demand & one supply zone is respected.
Theory to proof.
1.19Oct-2021 price created new higher high.
2.After that price start falling from new higher high.
3.During fall price created weekly supply zone.
4.On monthly time frame we can not say price created monthly supply zone.
Reason- we have only single leg-out candle on monthly frame without any follow-up.
5.On wards 20 dec weekly candle onwards price again travel towards to weekly supply zone.
6. and 17 Jan weekly candle start respecting supply zone.
conclusion - One weekly demand & one supply zone is respected.