absu21

Nifty has broken crucial Support Zone !

NSE:NIFTY   Nifty 50 Index
Nifty has broken a crucial support zone and it is near the dynamic support range( DSR ). This DSR will work like a magnet. The epicentre of the DSR is at 13462, which is working as Primal Support (PS) as of now.

Nifty is still bullish unless it breaks (PS). It is possible that the Diagonal lower band of the pink Parallel Channel may be the support but as long as it nifty inside the Top Flat channel( TFC ) the volatility will remain high.

So, as of now the point to be noted that...
1. High volatility inside TFC
2. Nifty as near to PS volatility is going to be higher.
3.The breaking of PS shows the starting of a bearish move.
4. if the bearish move continues then the primal support will be 13117.
5. Unless RSI breaks the silence of 40 downwards or 60 upwards nifty will be in sideway on the daily chart with the higher volatility .

So manage your trade accordingly...I am only sharing my technical observation on the daily chart .




Comment: We can observe here as Nifty moving far from the Dynamic Support Range "India Vix" loses its momentum but RSI is still into the 60-40 closed channel in the Daily Chart which is giving an indecisive site.
We might observe that VIX has decreased but that will be considered temporary until unless Nifty gives a breakout and cross 15430 levels ( EOD).

Comments

DSR is dynamic support range, if so which one, or diagonal support range?
Reply
absu21 Sanjay555
@Sanjay555, Both the triangular yellow zones.
Reply
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