Nifty staged a good recovery. There is a further possibility of V shaped recovery for Nifty if it manages to close above critical resistance level of 21322. If we get a closing above 21322 tomorrow and there is no further bad news regarding COVID or some international factor in the weekend the next resistance levels will be 21418 and 21483. Final resistance before we reach 21600 will be at 21952. Support levels on the lower side for Nifty will be at 21231 (50 Hours EMA), 21113, 20980 recent low and finally channel bottom of 20849. If we get a closing later in the month below 20849 the Nifty can fall to 20172 and 20591. Closing below 20591 will be a trend change to negative. For morning as of now the things are looking good.
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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.