Today Nifty went into consolidation mode searching for the supports nearby after a massive upward run in the last week. Even though we saw Nift climbing down 120 points today the closing above 25500 is a good sign. It was a volatile day where Nifty made a high of 25669 and a low of 25473 moving 200 points down. But recovered a bit to close at 25517.
The Supports for Nifty remain at: 25450, 25321 (Mother line Support), 25133 (Mid-channel support). If that is broken the Nifty may fall further towards 24976 or 24956 (Which is the Father line support). Channel bottom seems to be at 24657. If we get a closing below this zone we will comment about further supports on the down side.
The Resistance for Nifty remain at: 24539, 24596, 25665 and finally 25712. (25712 seems to be the channel and trend top. Once Nifty closes above this zone we will be able to comment about further levels on the upside.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
The Supports for Nifty remain at: 25450, 25321 (Mother line Support), 25133 (Mid-channel support). If that is broken the Nifty may fall further towards 24976 or 24956 (Which is the Father line support). Channel bottom seems to be at 24657. If we get a closing below this zone we will comment about further supports on the down side.
The Resistance for Nifty remain at: 24539, 24596, 25665 and finally 25712. (25712 seems to be the channel and trend top. Once Nifty closes above this zone we will be able to comment about further levels on the upside.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
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.