Nifty50 Breakout from Broadening wedge Formation
Nifty stands at 17,833 levels as of today. Nifty is breaking out of it's broadening wedge formation for the first time since october 2021. The index has rallied by 18.5% from it's June 2022 lows of 15179 to 178333 level till last week.
The crucial support on a weekly basis lies at 17,600 levels which acts as technically pivot levels beyond which stop loss levels have to be reset .
Current major technical and Psychological resistance level stands at 18,000+ for this week where nifty saw a major resistance last week as well, Beyond this level we can see a minor correction but if momentum persists week on week basis we can see a rally upto 18600 by October-November .
Crucial Levels:
S1: 17600
S2:17400
R1:18000
R2:18349
The crucial support on a weekly basis lies at 17,600 levels which acts as technically pivot levels beyond which stop loss levels have to be reset .
Current major technical and Psychological resistance level stands at 18,000+ for this week where nifty saw a major resistance last week as well, Beyond this level we can see a minor correction but if momentum persists week on week basis we can see a rally upto 18600 by October-November .
Crucial Levels:
S1: 17600
S2:17400
R1:18000
R2:18349
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