#nifty 16850 is a major support on the downside
Nifty held on to 17200 levels in an uncertain global situation. On the downside, 16850 is a major support level and chart will start to look bad once it is broken. On weekly chart, nifty has made an inside doji candle. Indecisiveness is palpable and so a breakout/breakdown on either side is possible according to the news. At a broad level, nifty continues to trade above 50/100/200EMAs on the weekly charts. Once the current uncertainty is over, hopefully without doing much damage to the charts, nifty should continue to trade higher. Meanwhile, volatility is up vix=22.9 which is worrisome. PCR is 0.97 which also denotes indecisiveness. CPR tomorrow is 2pts wide which indicates a trending market. Tread with caution and watch price action closely till volatility settles down. what do you think?
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