Nifty Trading in a falling channel
Nifty is trading in a falling channel, tightly holding resistance at the upper line of the channel and so far has managed to hold the lower band of the channel. we can expect a retest of lower band which is near 16900 zones .. so a restest of 16900-800 is very much on cards in next week and if down side conti. next support zone comes between 16500-400 zone followed by 16000-15800 which we already tested once few days ago.
on weekly and monthly charts also nifty show downward sloping channel
a sustained break down below 15500-400 area will open doors for more down side and that can be deep btw 1500-2500 odd points more*(which will be near the pre-corvid top) this depends on how global sentiments playout in coming days.
personally i think this monthly expiry should be able to hold 15500 area
on weekly and monthly charts also nifty show downward sloping channel
a sustained break down below 15500-400 area will open doors for more down side and that can be deep btw 1500-2500 odd points more*(which will be near the pre-corvid top) this depends on how global sentiments playout in coming days.
personally i think this monthly expiry should be able to hold 15500 area
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