NIFTY day chart analysis - Channel and 200 day SMA

k314 Updated   
NSE:NIFTY   Nifty 50 Index
200 day SMA and channel bottom support coinciding as shown.
A crucial level hence a bounce or break could be highly decisive in determining the direction of NIFTY in days to come.

For now we are on wait and watch mode.
Comment: .
Moving towards the channel bottom as plotted.
Lets wait and watch to see what happens here before we take any position.
Comment: Moving as plotted
Comment: So far Nifty moved exactly as per our previous analysis. Finding support at the channel bottom. The bounce could be a temporary one and it could come and re-test the channel bottom again.
Currently on wait and watch mode.

Trade active: .
NIFTY is still trading within the channel.

11050-10950 is going to be a crucial support. IF this support is broken then there could be a huge sell off towards 10450-10030

STAY AWAY FROM TRADING for next couple of days!
Comment: "Trading active" selected by mistake. Please ignore
Comment: .
Channel top going to offer string resistance. Watch out!
Comment: .
Channel top going to offer strong resistance. Watch out!
Retail traders enjoy the show by not trading for couple of days :)
Comment: .
Nifty facing strong resistance exactly at the channel top as mentioned above!
Comment: Facing strong resistance t the channel top.
Comment: .
Latest update


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.