Nifty - critical support taken
As we rightly calculated, the support indicated was breached and Nifty closed lower today. Will it take support and reverse or continue the down move?
Nifty has taken support today at camarilla pivot S3- 17354. A long wick at the bottom signals a significant rejection. If Nifty sustains above this level, then it can take an upward trajectory towards 17989.
Conversely, if this support is tested again tomorrow-and broken, then the next support is at 17041. So, Nifty can take support at 100EMA and consolidate-move up. If this level is also broken, then we can open out lower levels-we can explore those levels as we go forward.
Let us hope the FII selling is supportive and see how price acts tomorrow. Until then..
Nifty has taken support today at camarilla pivot S3- 17354. A long wick at the bottom signals a significant rejection. If Nifty sustains above this level, then it can take an upward trajectory towards 17989.
Conversely, if this support is tested again tomorrow-and broken, then the next support is at 17041. So, Nifty can take support at 100EMA and consolidate-move up. If this level is also broken, then we can open out lower levels-we can explore those levels as we go forward.
Let us hope the FII selling is supportive and see how price acts tomorrow. Until then..
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