Strong Resistance zone of 21607 to 21857 sends Nifty in a downward spiral and makes it topple towards 50 days EMA(Mother Line). This has lead to frantic fall in RSI of Nifty. On 15th January the Rsi of Nifty was 73.88 today it is 44.88. Still little bit of cool down in RSI can not be ruled out. The immediate support for Nifty is near 21218. This is a weak support which may not hold but you never exactly know. The next support if 21218 is broken will be near 21065. 21065 in not only the Mother Line (50 days EMA) but also the mid channel support on the daily chart making it a very strong support. If 50 EMA does not hold the bears will tighten the grip on the stock market and may try their best to bring the Nifty to 20794. Holding 21065 or 20794 will be very important and the levels to watch out for. If these do not sustain we may see 20297, 19849 or even 19738.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.