Nifty: 14K Tease is On7th consecutive positive daily close from the benchmark Nifty to end the year in style. In fact, this is probably the best transformation of all time, considering the way the index was back in Feb-Mar’20 - a complete turnaround. Now for psychological pleasure, the index has met the 14K mark and slipped down marginally. The rising channel on the 75min chart is very much kicking in resistances with a distinct price momentum divergence. Yeah right … so will the index correct? Well, a break below 13,950 can indeed lead to a test of 13,800. Let’s see.
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Niftytrendanalysis
NIFTY Multiple Rejection Confirms Strong ResistanceMultiple rejections confirm Nifty Strong Resistance
Around 13030 nifty has strong resistance, rejection has been seen multiple times around this level.
Talking about Resistance for Nifty50 will be around 13095 and 13140 which is near the previous high.
One may find support around 12870-12760 for the short term.
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Updated on : 27-NOV-2020 6.00pm
Disclaimer: Only for learning purposes.
Multi-Timeframe Analysis of NIFTY (DAILY)As NIFTY had broken the trend, it retest the trend once again to continue the price to flow against the direction of trend.
1D TF also clearly depicts the support zone at 10600 followed by 10000 as explained in previous charts of 1M TF and 1W TF.
-MOHIT RAJANI
Multi-Timeframe Analysis of NIFTY (MONTHLY)As you can see on monthly chart NIFTY is forming bearish engulfing and most probably it will take a support at 10150 levels (fibonacci 38.2% 1D TF) if it breaks the current support explained in previous chart.
If it breaks that level further support will be at 9000 levels.
-MOHIT RAJANI