PowerTrades

NIFTY test the Resistance Zone

NSE:NIFTY   Nifty 50 Index
After a sharp move breaking out the trading channels, NIFTY has seem to hit the resistance zone and is looking to test the retracements. Immediate support is the channel trend line marked in red. below it can move to test the upper channel of the breakout trendline.
A breakout above 8740-45 can see it move upto 8810 on the upside. Strong swing support and downside targets for contrarian traders will be around the 8590-8600 zones.