Hello & welcome to this analysis on NIFTY
After a few days of sideways consolidation Nifty appears to have completed its correction yesterday.
It faces resistance at 17380 / 17440 (going by current SGX Nifty its trading well above it) and then at 17650 / 17800. Failure to take out 17650-17800 zone could see long unwinding and selling pressure till 17000 or lower, whereas above that zone the trend line resistance near 18150 becomes a target.
17275 appears to be a strong support now for the settlement.
After a few days of sideways consolidation Nifty appears to have completed its correction yesterday.
It faces resistance at 17380 / 17440 (going by current SGX Nifty its trading well above it) and then at 17650 / 17800. Failure to take out 17650-17800 zone could see long unwinding and selling pressure till 17000 or lower, whereas above that zone the trend line resistance near 18150 becomes a target.
17275 appears to be a strong support now for the settlement.
Comment:
Nifty has breached into the zone of 17640-17800. Breach of upper end of the channel would take it to the falling trend line near 18100
Comment:
approaching target - can start slowing unwinding from here till 18150
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