#NIFTY Short Term Analysis - Uptrend Parallel ChannelCurrently NIFTY trading in Uptrend Parallel Channel. According to this channel next support for NIFTY50 expected near 17900 level. At this points there have a two possibilities:
1) Reversal
2) Breakdown(Low Probability)
1) Reversal:
- From Starting of this month nifty consolidating this parallel channel. To fulfil parallel channel mostly their have 3 support and 3 resistance retracement chances. Chart indicating 2 swing from the support level. So, We can expected it will hold this support 3rd time and swing towards the resistance level of this parallel channel which is expected target near 18330. So this trade can give 17900 to 18330+ targets in short term(400+ Points).
2) Breakdown(Low Probability):
- Currently market indicating downtrend so we can't ignore this condition also. In case NIFTY gives breakout of support level in chart then there expected further fall upto 17615+ level(Upto 300 points down)
There have another trade in NIFTY if condition 1 fulfilled. If nifty gives reversal from 17900 then expected further upside rally if it gives breakout of the resistance level. After breakout can expected new high in NIFTY 18690+ level(700-800+ points).
Disclaimer:
Consider this post as an education purpose. Before taking any trade always consult with your financial advisor. All mentioned patterns and levels are based on probability and previous history. Don't consider it as a surely. Always trade with risk management.
