Nifty has seen continuous profit booking from all time high of 14753. It has breached our marked lower level in my previous post and hence it fell more deeper as expected.
Currently it is resting on the middle line of the channel in which Nifty has been trending since last March 2020, which will be another testing line of support of Nifty before more fall.
If this is breached then Nifty will fall down to lower levels as per Fib retracement shown in chart.
Nifty has gone above the middle line in Nov 2020 and managed to stay above it since then. Hence this point will be crucial for Nifty if it does not want to fall below that.
Nifty is still in uptrend and the dip is only because of uncertainiity in trader's mind before budget session due to which heavy profit booking is seen from high levels.
Hence let's see how Nifty reacts at the middle line. If breached then more downside and if holds then upward targets gets activated.
Stay awake and Stay cautious.
Note: Views only for educational purpose. Consult your financial advisor for any trade.
Currently it is resting on the middle line of the channel in which Nifty has been trending since last March 2020, which will be another testing line of support of Nifty before more fall.
If this is breached then Nifty will fall down to lower levels as per Fib retracement shown in chart.
Nifty has gone above the middle line in Nov 2020 and managed to stay above it since then. Hence this point will be crucial for Nifty if it does not want to fall below that.
Nifty is still in uptrend and the dip is only because of uncertainiity in trader's mind before budget session due to which heavy profit booking is seen from high levels.
Hence let's see how Nifty reacts at the middle line. If breached then more downside and if holds then upward targets gets activated.
Stay awake and Stay cautious.
Note: Views only for educational purpose. Consult your financial advisor for any trade.
Today Nifty taken support at fib level of 61.8% which is a very good support.