Shadow of the candles turning a shade negative

Nifty 50 Index (NSE:NIFTY)

Updated

NSE:NIFTY Nifty 50 Index

trendanalysis supportandresistance candlestick nifty nifty50 niftyindia spotnifty niftytrend niftysupports niftyresistances niftysupportandresistance niftyoutlook

Nifty is fluctuating between Trend line 1 and Trend line 2 in the below chart. Trend line 1 forms the resistance and trend line 2 forms the support of Nifty. There is also a line in the middle of the two lines which will provide additional minor support for Nifty. The support for Nifty from here will be present at 22293, 22241 (50 Hours EMA support), 22061 and finally 221974. Below 21974 bears will try to seize the momentum of Nifty. Resistance for Nifty will be at 22433, 22469, 22512, 22604 and 22719 (Trend top resistance). Right now Nifty is in little bit of a correction/consolidation mode after hitting the trend top.

Comment:

Nifty as of now looks positive after a smart recovery. Supports as of now remain at 22293, 22241 and 22061. Resistance will remain at 22512, 22604 and 22719 (Trend Top resistance). After the smart recovery Nifty looks positive as of now. Afternoon may see some Profit booking later in the day.

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