NIFTY day chart analysis - Channel and 200 day SMA

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.

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Moving towards the channel bottom as plotted.
Lets wait and watch to see what happens here before we take any position.

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Moving as plotted

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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.

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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!

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"Trading active" selected by mistake. Please ignore

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Channel top going to offer string resistance. Watch out!

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Channel top going to offer strong resistance. Watch out!
Retail traders enjoy the show by not trading for couple of days :)

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Nifty facing strong resistance exactly at the channel top as mentioned above!

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Facing strong resistance t the channel top.

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