Nifty on hourly chart has closed near very critical and strong resistance zone formed due to a parallel chanell in which it is falling since it made a new high of 19991.85. The resistance zone starts from today's high of 19620 and ends at 19685. Closing above 19685 is imperative for Nifty to go towards 19798, 19871 and finally then it can aim for the target of 20000+. Supports for the Nifty on the lower side will be at 19258 and 19423. closing below 19423 will bring back bears in action. Final support for Nifty is near 19296. Below 19296 closing Bears will start dominating. Below 19191 closing will be a trend change and Bears can take full control.
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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.