Nifty analysis for this week 22-26 Feb.

NSE:NIFTY   Nifty 50 Index
Nifty had a roller coaster ride this week which comes to a dramatic ending with loss of nearly 600 points.

A strong support of 14640 was tested and it pulled back for 500 points back to 15100. After which it broke the 14640 support today as all expected due to weak global cues.

After a strong support is broken market does retest the same level as resistance. Hence expecting Nifty to restest the 14640 level as resistance in coming week.

If it conitnues to face rejection at this level then a steep fall upto 14260 is very much expected.

Nifty will be green only above 14640 and below that it will continue with its correction phase.

As I informed in my previous post correction phase is going on and we will patiently play along with market.

Any signs of uptrend will be posted accordingly when seen. Till then stay connected and stay safe.

Note: Views only for educational purpose. Consult your financial advisor for any trade.
Comment: As I told earlier Nifty did retest the level of 14640 and did not face any rejection and it is moving up.

And as said Nifty will be green above 14640 and red only below it.


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