Russia-Ukraine war, Fed actions to control inflation in the US and Crude price hike created a big hole in the market and strengthened the bears. The events resulted in a significant downfall in NIFTY from 18000 to 15700 levels.
Since the last five trading sessions, markets have moved tremendously from 15700 levels to 16800 levels. But Nifty is still below 200 DMA levels. The bull run is still on hold till NIFTY crosses 200DMA levels.
Resistances based on Gann Square of 9 are 16950 and 17600. Resistance levels based on the Fibonacci series 17140, 17227 and 17371
Support levels based on Gann Square of 9 are 16300 and 15700. Resistance levels based on the Fibonacci series are 16813, 16685, 16557, and 16391.
The good thing is that Follow Line Indicator is now bullish, Smoothed Heiken Ashi and SuperTrend in the daily chart are still bearish.
Since the last five trading sessions, markets have moved tremendously from 15700 levels to 16800 levels. But Nifty is still below 200 DMA levels. The bull run is still on hold till NIFTY crosses 200DMA levels.
Resistances based on Gann Square of 9 are 16950 and 17600. Resistance levels based on the Fibonacci series 17140, 17227 and 17371
Support levels based on Gann Square of 9 are 16300 and 15700. Resistance levels based on the Fibonacci series are 16813, 16685, 16557, and 16391.
The good thing is that Follow Line Indicator is now bullish, Smoothed Heiken Ashi and SuperTrend in the daily chart are still bearish.