sanchittak
Long

Is Nifty at Support?

NSE:NIFTY   Nifty 50 Index
After making a new high, Nifty started with small sell-off which leads to 7% down from its high. Now, is really nifty at its support level or just an another signal towards the new low below 10k?
If NIFTY is at the Support level then, it can reach to the target of 11546 as recovery before election result/after the election results. That would be debatable to comment on.

The levels of 11070-11100 have the strong support levels if it breaks then expect further selling till 10780-10800 levels.

Thus, a smart move is must required here.
Om technical fronts lots of indicators are showing oversold conditions on 1 hour, 2 hour, 3 hours, 4 hours and on daily charts patterns. Though doesn't guarantee the up move but can be considered as an positive option for bulls.
Be wise with trade.
And have strict Stop-Loss in the system. VIX is at 27 level and if it crosses 31 levels then start expecting high volatility in the market with 200-400 points in Nifty as a normal move.

Happy Trading
Trade closed: target reached
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