Nifty has 200 EMA resistance.

In my Picture EMA 200 is in orange colour and Nifty is bouncing at it showing a weakness to cross on daily chart.

Yesterday BNF has cross the 22500 strong resistance and it was very much expected to reach 23000 after crossing the hurdle.

And today it is trending around their. But 23000 resistance is another strong resistance for BNF and 200 EMA is strong resistance for Nifty.

If the rally has to continue they both have to cross it and continue which will be very hard as of now looking at Data points.

But anything can happen in the market. Continue long positions if Nifty and BNF crosses the resistance or be happy to book the profits. Then wait for confirmation of any trend.

Happy Trading :)

Note: Views are only for educational purposes.

Comment:

Today market did only consolidate and their was no volume. Hence it did not give any proper view.

Need to wait and see the market behaviour on Monday.