Nifty stands at 17,833 levels as of today. Nifty is breaking out of it's broadening wedge formation for the first time since october 2021. The index has rallied by 18.5% from it's June 2022 lows of 15179 to 178333 level till last week.
The crucial support on a weekly basis lies at 17,600 levels which acts as technically pivot levels beyond which stop loss levels have to be reset .
Current major technical and Psychological resistance level stands at 18,000+ for this week where nifty saw a major resistance last week as well, Beyond this level we can see a minor correction but if momentum persists week on week basis we can see a rally upto 18600 by October-November .
Crucial Levels:
S1: 17600
S2:17400
R1:18000
R2:18349
The crucial support on a weekly basis lies at 17,600 levels which acts as technically pivot levels beyond which stop loss levels have to be reset .
Current major technical and Psychological resistance level stands at 18,000+ for this week where nifty saw a major resistance last week as well, Beyond this level we can see a minor correction but if momentum persists week on week basis we can see a rally upto 18600 by October-November .
Crucial Levels:
S1: 17600
S2:17400
R1:18000
R2:18349