Nifty at a crucial level

Nifty has been trading in an uptrend channel since 25th Jan. The volatility has been high since then due to budget expectations or news. There are wild 300-400 point swings in this channel range.

Nifty has retraced 61.8% of the down wave from 18Jan to 25Jan and facing resistance. Currently Nifty is at the bottom range of the channel. If it takes support here then yesterday highs are possible. The morning low 17480 will be crucial at this time. Below this level we may expect 17230 and then 16900 zone.

Regards.

Comment:

As soon as nifty broke the uptrend channel, it went right to the first target of 17230.

Currently it is facing resistance near the budget day highs of 17622. It seems the budget day range will keep traders busy for some time.

Comment:

Budget day range still persists

Comment:

Budget day range broken and a trend line is broken. Sentiment looks bearish but there is a possibility that a larger range of of 16850 to 17800 comes into play for some time coz we had a stopping action near 16850. It is possible that market is testing that area again.