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.
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