Nifty: Back to Important Supports

NSE:NIFTY   Nifty 50 Index
Nifty has now reached a crucial support zone of (11,600-11,700). This 100point zone previously did act as a strong source of both resistance and support. So a lot of important price-related decision making has happened at this juncture of price. A look at the chart and we can see that prices did test this horizontal support band where in we also notice a confluence of supports coming in from the falling channel (red one). Four consecutive days of sharp sell-off is likely to face some support at this band. A close below 11,600 should be waited out for a day and then concluded whether these supports are no longer valid.

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