Nifty has broken the psychological level 17000 on the daily time frame and has a closing at 16932. As per the previous analysis Nifty being in bearish zone/down trend and supports mentioned were at 17020:16960;16930;16840 and resistance were at 17120;17160;17200.
We have arrived at the first three target supports in our last trading session. We can anticipate 16840 henceforward as a strong support. Another point to be taken under consideration is that, FII's have been short tediously so expect some short-covering rally soon in this week. Overall trend is still bearish, but we will have to be extra cautious in short positions in this week by placing strict stop losses.
For next trading session, please refer the below supports and resistances---
1-Support- 16930;16860;16800;16740
2.Resistance - 17020;17060;17100;17140 and major resistance at 17200
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by me and is solely for the purpose of knowledge.
We have arrived at the first three target supports in our last trading session. We can anticipate 16840 henceforward as a strong support. Another point to be taken under consideration is that, FII's have been short tediously so expect some short-covering rally soon in this week. Overall trend is still bearish, but we will have to be extra cautious in short positions in this week by placing strict stop losses.
For next trading session, please refer the below supports and resistances---
1-Support- 16930;16860;16800;16740
2.Resistance - 17020;17060;17100;17140 and major resistance at 17200
Thank you for taking time for going through my analysis. if you wish to not miss out on daily views and analysis, kindly click on the follow button by visiting my profile on the top left. This would not only encourage me to post quality content but also for you to have confidence in your trades. Also feel free to comment down below for any questions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by me and is solely for the purpose of knowledge.