Nifty made a lower support at 8806 (a 114 points more than the expected parallel channel support at 8920 as mentioned in the last post) but recover soon from that level and made many higher lows. This forms a new channel, support around 8950 and current falling Trend line resistance is at 9240.
Remember 8950 is the assumed Channel support and 9240 is the falling trend Line Resistance.
The Header marked 8968 is a pivot candle support and Resistance 9178, on trading above that level nifty can move to the trend line level 9240, a break out will lead to 9380 and 9415 level this week.
On a negative note, if trading below 8950 level nifty can drift down to lower level 8500 and 8360.
In a side way market the technical indicators doesn't Help to give any clue,also currently Elliot count is giving many possibilities, in such scenario it is better to follow the trend.
Remember 8950 is the assumed Channel support and 9240 is the falling trend Line Resistance.
The Header marked 8968 is a pivot candle support and Resistance 9178, on trading above that level nifty can move to the trend line level 9240, a break out will lead to 9380 and 9415 level this week.
On a negative note, if trading below 8950 level nifty can drift down to lower level 8500 and 8360.
In a side way market the technical indicators doesn't Help to give any clue,also currently Elliot count is giving many possibilities, in such scenario it is better to follow the trend.