After the much awaited break out of Nifty which was playing in the range between 17900 and 16900 it is the time for the strength of the rally to be tested. Nifty has to battle some important resistance next week to sail further upwards. All eyes will also be on FOMC meet of US Federal Reserves on 2nd May 2023. I don't want to sound pessimistic but everyone should note that this event has potential to become a party spoiler. (Looks less likely though as rally has crossed some important resistances but you can never really decouple your economy from what happens globally).
Important Supports For The next week: 17973, 17878, 17779 and finally the strong buffer zone of 17473 to 17687. (This buffer zone has multiple supports including 50 Weeks EMA, 50 and 200 days EMA in addition to some other supports).
Important Resistances: 18140, 18268, 18397 and 18481.
Important Supports For The next week: 17973, 17878, 17779 and finally the strong buffer zone of 17473 to 17687. (This buffer zone has multiple supports including 50 Weeks EMA, 50 and 200 days EMA in addition to some other supports).
Important Resistances: 18140, 18268, 18397 and 18481.
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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.