Nifty has now closed below the support-resistance level of 14600 on high daily volume. Below are the gap after budegt day ralley, a 50 EMA and also the monthly VWAP support. 14200-14300 is going to be important support which if broken will lead to 13800 again.
NIFTY has a good support level.
If it breaks, then fall will be deep and quick up to 14900-14700 levels.
Though the volume and RSI are showing that this support will hold and we may see an up move from current levels.
Going long with a stop loss a little below the day's low.
Shared about 14950 as strong support in the newsletter too
Nifty is trading at a strong FIB Resistance level. be careful bulls out there.
(1) 1.618 FIB from Feb-2020 High
(2) 2.618 as a FIB projection
(3) Tredline Resistance
(4) RSI Divergence (Price higher high RSI lower high)
Can it go high from this reange- yes it can, but it must break 15275-15300 with strong buying force and close above it
Path of least...
--------- WEEKLY ANALYSIS 08- FEB -------------
Nifty & Banknifty Futures left one very good references on the Friday close for the swing move up.
NIFTY Futures: Weekly Trend Decider at 14890F, key swing references at 14760-14800F
1. Hold of 14890F look to rotate up to test last week high 15080F/15180F
2. Hold below 14890F look to rotate back to test 14760F areas,...