Nifty 50 Index crashed 453 points on Monday amid a global sell-off triggered by fears that a fresh 40-year peak in US inflation will prompt Fed to hike interest rates more aggressively. The India VIX jumped 14.3 percent to settle at 22.4 on Monday, its biggest single-day jump in seven weeks.
Index once again could not hold onto the psychological levels of 16,000...
this chart has been marked with all-important nifty50 zones and levels for potential support or resistance.
Mark them in your chart and trade accordingly!
Nifty50 is in strong uptrend and my personal view on Nifty is bullish medium to long-term.
However, you can expect correction soon. So, for swing traders and investors correction may provide you an opportunity to enter.
That's why you need to know from where Nifty50 might bounce back. So, I draw key diagonal Support and Resistance level.
Wait for these levels...
Seeing the Sgx nifty, we can expect nifty to opens gap up.
Tomorrow, If we see nifty opens gap up by 300 points or so, at 9560 it could take a halt for a while and can move towards 9700 levels.
And if it opens above 9770 then it can take support at 9550 levels and then move towards 9700 levels.
Major support for gap up opening is around 9400 -9380 levels
