Nifty Hourly Chart
Nifty hourly gave a breakdown after 5 days of sideways move 😉 and gave a downmove till 5450 where we told the support lies in our previous post.
IIP data gave a most awaited downmove for the Nifty.5450 and 5420 are again cluster of support present.
As a Trader you need to get adapted to what market wants you to do not what you want.
Nifty daily chart has broken the 50% retracement Now support at lower levels comes at 5434 and 5393 as shown in the chart.
Weekly Chart Nifty took support at blue trendline drawn. Volumes are on lower end.Past 3 weeks Nifty has not shown a move above 1% on weekly charts.
Sideways move should come to an end this week based on outcome of RBI policy
Levels to Watch
Nifty Trend Deciding Level:5504
Support:5457,5392 and 5328