Simple Nifty analysis of MONTHLY Time Frame
Need to see where it goes...
At current levels there is resistance but this month's low is a support also...
Shows a try of sustenance above the broken larger channel ....
Need to see if it will be able to sustain... Because RSI also showing divergence.
Has broken out of a downwards channel which is within another downwards channel. Broken with volume also..
Need to see if it can break out of the bigger channel and sustain the upwards movement for resistances marked in yellow.
Updated chart from old one drawn in Marc 2019--
Spotted Another wedge type formation. Also tried ABCD pattern... And added Fibo retracement extension.
D seems to be near to 61.8% ...
Lets see if retracement happens.
Current CMP is at strong support turned resistance.
Support levels at 373 / 367
If manages to break current CMP upwards and maintains, then targets marked in blue are possible
Targets - 400 / 407 / 418 / 425 / 436