The trend analysis done using few major support lines on daily chart
, we are looked into major support/resistance trend line
of market cycle trend, long term. Sensex channel has touched high value for all three channel, on 3rd June Sensex touched high value trend line
(Resistance) continuing since 2009 and also touched high value uptrend running since Oct'18 and same for Feb'16. Since than it started downward movement and touched bottom of 1 channel in early July at 11,461 (touching bottom of its up trend continuing since Oct'18.), touched bottom of 2nd channel on 1st Aug. at 10,950 (of its up trend continuing since Feb’16.). If it break this 11850 level/ Support it will continue to 9,200.
Short position can be opened if 11850 level is broken by Nifty
on closing basis, it means nifty
has to close below 11,850 for opening short.
Trading Price 10,862
Target1 10100, Target2 9500, Target3 9200
Stop Loss 11,300
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