Gann square resistance for Nifty are 15,876 (126^2) while support level is 15,625 (125^2). Nifty has not closed below this support since June 1 and has found it very difficult to stay above its resistance for more than a day or two in the Daily time frame.
Cause & Effect Analysis
The most important event to identify is the cause, aka support level from where Nifty's future movements can be anticipated well in advance. Recently, this cause is the Jan 29th low of 13,596.75. From here, we can identify the levels of price and time supports/resistances for Nifty in Daily tile frame.
Nifty broke its main support on 3/24 and has not been able to climb above it since. Secondary support was tested several times in April before Nifty closed above it and rallied to 15,900+ highs in June & July. However, we can see Nifty back test this secondary support since the high of 7/15.
If this secondary support, which stands at 15,680 is broken conclusively this week, the tertiary support is all the way down below 14,000 in the Day time frame. Nifty is in danger of a trend reversal if it cannot break above 15,900 this week or the next.
Cause & Effect Analysis
The most important event to identify is the cause, aka support level from where Nifty's future movements can be anticipated well in advance. Recently, this cause is the Jan 29th low of 13,596.75. From here, we can identify the levels of price and time supports/resistances for Nifty in Daily tile frame.
Nifty broke its main support on 3/24 and has not been able to climb above it since. Secondary support was tested several times in April before Nifty closed above it and rallied to 15,900+ highs in June & July. However, we can see Nifty back test this secondary support since the high of 7/15.
If this secondary support, which stands at 15,680 is broken conclusively this week, the tertiary support is all the way down below 14,000 in the Day time frame. Nifty is in danger of a trend reversal if it cannot break above 15,900 this week or the next.