In a data heavy week where lot of global events are about to happen Nifty may remain under pressure. Most important of the global events is the US FED FOMC meet on Friday. Don't carry long positions.
Nifty Supports: 17820, 17720 and 17590. Below 17590 market goes into bear territory. Below 17353 market goes into absolute bear grip. (doesn't look likely as of now).
Nifty Resistances: 17959, 18034, 18139 and finally 18262. (Above 18262 Bulls take control).
Nifty Supports: 17820, 17720 and 17590. Below 17590 market goes into bear territory. Below 17353 market goes into absolute bear grip. (doesn't look likely as of now).
Nifty Resistances: 17959, 18034, 18139 and finally 18262. (Above 18262 Bulls take control).
Note
As per my Mummy Papa Theory: The Nifty ending below 200 EMA (Father Line) is not a good sign. But when father and mother sometimes don't support you how can or will support you? Friend.
Trend is a Friend. Trnedline is support (Blue Line in the chart) (Asymmetrical Support) here is a friendline support. Which might give opportunity for Nifty to make a come back tomorrow.
If this Blue line support is broken then the next supports are 17352 and 17169. Nifty is starting to look Oversold. Let us see how much more power bears have got.
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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.