NIFTY UPDATE – PERFECT SUPPORT LEVELS

Dear All,

I have shared Nifty view earlier when it broke the rising wedge pattern. As expected fall was fast, same as last 2 falls (10170-9700). Important here to watch is the time frame is same 7 Days. Nifty entered into the last Channel between 10178 – 9700 levels.

I’m expecting that Price will definitely try to go out of the channel but further weakness looks like, As expected US and Europe, markets are also now under pressure. Let’s keep a watch on US Markets closing.

So now 10180-10250-10300 will act as a resistance for Nifty.

Fib retracement worked beautifully here. Perfect support at Fib 50% Retracement.

So now our Stop loss is 10180. Exit if it’s hit. We are already in the money of 200 Points.

Below is the nifty chart for your reference.

Cheers

Sid

Disclaimer

I’m not a SEBI Registered Investment Advisor. Above Views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don’t trade with the money you can’t afford to lose. This page is neither a solicitation nor an offer to acquire/sell any script. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication for future returns.