After consolidating for about 2 weeks Nifty Finally had a shackle breaking close to the week and month in the last couple of days where momentum totally changed and both FIIs and DIIs turned buyers simultaneously. While the closing of Nifty is good, a major resistance zone of 50 and 200 days EMA between 17478 and 17515 is there to be crossed. If this zone is crossed there will be another major resistance near 17618 which will be tough to cross. If we are able to cross 17618 Nifty will face a trend line channel top resistance near 17817. Bulls can be in full control only after these zones are crossed. Supports on the lower side now remain at 17300, 17204 and 17080. Let us hope that bulls can carry the momentum through to the next month and next financial year.
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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.