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Rajesh_Ramchandani_Delta

Nifty Midcap 100 – 3 signals to go Long

Long
Nifty MidCap 100 Index (NSE:CNXMIDCAP)  
Rajesh_Ramchandani_Delta  
NSE:CNXMIDCAP   Nifty MidCap 100 Index
Support and Resistance Trend Lines Gann Fan MIDCAP NIFTY Contains image
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supportandresistance trendline gannfan midcap nifty containsimage
CNXMIDCAP

Observations:
1) It has taken support at Gann Fan line 2/1 at 45 degrees drawn from the bottom of March 23, 2020 low. This confirms that 21 months old uptrend in Midcap is still intact.

2) It is near to break resistance line of the downward parallel channel formed since October 19, 2021.

3) Probability of breaking resistance line mentioned at 2 above is high as similar resistance stands broken by Nifty Small Cap 250 Index on December 9 and confirmed the same on December 10.

Conclusion:
Once the resistance (as mentioned at 2 above) stands broken, the first resistance will be at 32,230 level.

For educational purposes only.
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