NIFTY is at 17420, and is supported by the 0.382 Fib on the hourly chart, EMA 89 on the daily chart. A daily close below 17420 will bring the NIFTY close to a very strong support at 17350, from where one can expect a bounceback. On the upper side, 17580 is a resistance due to the EMA 21 on the daily and a confluence of all EMAs on the hourly chart. If NIFTY breaks the support level at 17350 with a significant candle and closes below this level on the daily chart, we can see a further slide downward towards 17100.
DISCLAIMER: I am not a SEBI registered investment advisor. All views are personal and for education purpose. No trade should be initiated solely based on the above commentary.
DISCLAIMER: I am not a SEBI registered investment advisor. All views are personal and for education purpose. No trade should be initiated solely based on the above commentary.
