Nifty charts check with my little knowledge.
On monthly charts Nifty is just about to broke an important support trend line, however today is just the first day of month, so this is very premature to say we broke the trend line.
But my cause of concern is 5 Months SMA which is currently at 10078 and we are at 10121 only 43 points. If we take support around 10078 +/- 50 points then all is well but if we fail to make to do so and fall below 10000 then problem is serious. For seeing the importance of 5 months SMA see my previous post-
For importance of 5 month SMA see the link
Now coming to short term picture on hourly charts assuming Nifty fails to take support around previous swing low , which is 10094 that will lead to much lower levels.
Lower targets here could be 9974-9900-9700
Read my previous post about Nifty targets of 9900 to 11000-
Read my previous post for Nifty targets between 9900 to 11000
Disclosure: I am not a SEBI certified analyst and this post is just for educational purpose. Further i do not hold any position in Nifty Futures.
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