Nifty Daily Chart
Fall till 5196 was based on trendline support as shown on above chart. 5389 is crucial top formed trade above which can only be respite to Bulls.
Nifty Hourly chart today was a classical example of Support becoming resistance. As seen from the previous Charts 5325 was an important swing low and gave good support to market.
Today’s High of Nifty is 5322 and after that we had a good fall.
When Daily/Weekly and Monthly trends are down we need to exit at small rallies and look for resistance to sell.
For today most important level to watch is a cross above 5325 market can see a good rally.
On Downside support of 5256-5246 gets taken off get ready for levels below 5200 and break of low of 5196.
Levels to watch for today’s trade
Buy above 5285 Tgt 5313,5322 and 5350
Sell below 5275 Tgt 5257,5246 and 5219
Levels mentioned are SPOT.
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