Next support level for nifty. Rebound is going to come from somewhere between 15310 - 15120 - 14900 level. This rebound will take nifty to level of 16000-16400 and next 3 months nifty will spend between the 15300-16400. By Sep - Oct nifty will make bottom at 14400-14300. There are lot of reasons technically
1. 20% correction from the top comes at 14900.
2. 15120 stands at .78 fib series of short term chart
3. Support level at 15300
Trading range after that would be 15300 - 16400. 16400 has been strong support level in the past which will become its resistance. Meanwhile nifty will struggle to cross 15700-15800 which will be very strong resistance on short term charts.
In near term nifty will time-pass between 15200 - 15800 range. This might go on for next 3 months i.e till sep. By sep a fresh and last round of downfall will lead nifty to level between 14380 - 14130 - 14000 and that is where nifty will start it's pullback rally. Rational behind it is:
1. 14380 is at .382 Fib series on long term charts.
2. Never in past nifty has breached .382 on long term charts
1. 20% correction from the top comes at 14900.
2. 15120 stands at .78 fib series of short term chart
3. Support level at 15300
Trading range after that would be 15300 - 16400. 16400 has been strong support level in the past which will become its resistance. Meanwhile nifty will struggle to cross 15700-15800 which will be very strong resistance on short term charts.
In near term nifty will time-pass between 15200 - 15800 range. This might go on for next 3 months i.e till sep. By sep a fresh and last round of downfall will lead nifty to level between 14380 - 14130 - 14000 and that is where nifty will start it's pullback rally. Rational behind it is:
1. 14380 is at .382 Fib series on long term charts.
2. Never in past nifty has breached .382 on long term charts