NIfty's Friday move came as a surprise to many of us. Now lets check the charts for that purpose-
Nifty on quarterly charts. As mentioned previously also Nifty facing tough resistance at trend line resistance. Till we are not able cross the trend line we are in danger.
Nifty on Monthly charts. Again trend line resistance which i mentioned in my previous posts also. From last 3 months we are not able to cross that trend line and that is not a good sign.
Nifty on weekly charts. Now some good news Nifty on weekly charts is near to 14 week support trend line which roughly is around 9940-9950 levels. If that support violates we will be in trouble. And another 200 points fall can be there. Remember for Nifty to confirm that we need a weekly close below 9940.
Now Nifty on Daily charts. On friday Nifty closed just near to very good support of 9953 (50 Day SMA) and 9972 (50 Day WMA). And then 9947 is 17-Aug-2017 top. Below that next support comes 100 points down.
Disclosure: I am not a SEBI certified analyst and this post is just for study and not a buy/sell call. Further i do not hold any position in Nifty Futures.
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