Once again decent recovery effort by Nifty but stopped by 50 EMA

Nifty made a decent recovery effort on the back of short covering in some of the oversold Nifty stocks but again 50 Hours EMA Mother line proved to be too powerful resistance and stopped the dash of Nifty which was aiming to go further. Also there is a trend line created resistance which might hinder the growth of Nifty Further. It looks like Nifty might squeeze further in the triangle created between the two trend lines. Till we get a closing above 21857 I do not think we are in a safe zone. Only after we get a closing above 21857 bulls can think of making a come back.

Nifty Supports: 21663, 21620, 21549 and 21459. Below 21459 levels of 21351 and 21285 are the only supports for Nifty before bears take full control.

Nifty Resistances: 21749, 21796, 21836 and 21857. Above 21857 21922 and 21970 can be the resistances before Nifty can gain 22K levels again.