Niftytips
Nifty spot chart analysis for 21.06.2022Understanding trends through supports and resistances.
No change closed at previous level.
Nifty Analysis For TodayDaily:
Nifty rejected bullish momentum from 200 EMA and closed below 50 EMA.
The big candle is evidence of supply pressure.
16841 is the pivot point because it has worked as support and resistance eight times.
Rejection of 17841 is a clear signal of resumption of a downtrend. Bulls have to keep prices above this level to overcome supply pressure.
However, Bearish momentum is more favorable but may create Lower highs.
30 Min:
If nifty gives a pullback of 16722, traders can make a selling setup with targets: 17639 - 16535 - 17400.
17400 is the support level, and the breakdown of this level will make it nifty more bearish.
Gap down is possible as Dji and SGX nifty are bearish.
Breakdown of wave 4 is the confirmation of bearish momentum.
I will update more information soon.
NIFTY Price Predictions for June 2022As per the chart above, nifty entered into the support trendline again. That's clear sign bulls are stepping in. If it remains above the support trendline on Monday, we can expect target levels of 16490 - 16580 - 16680 . It could skyrocket up to 17000 level.
And if it breaks the support trendline, then a downtrend will begin. What will happen in a downtrend? In the forthcoming report, I will update you.
