Nifty: We have a channel breakdown

Some consolation for bears as Nifty breaks the series of positive daily closes with a marginal negative one in today’s session. No big damage to the underlying trend of the index yet, but from a short-term perspective we have a breakdown of the rising channel which we had been eyeing for past few sessions. Now this is an interesting juncture for the index. Short term resistance is at 14,250, and if the index tests this level but fails to break above then prepare yourself for more price weakness. On the other hand, 14,100 is the immediate support and a break below this level should also set in some more weakness. A close above 14,250 on the other hand puts bulls back to track from the short tern perspective.

Trade Well. Trade Wise.