Nifty resistance
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Currently Nifty is approaching the strongest descending 8/1 resistance line formed due to the top that was formed on 4th.April 2022. The opportunity of piercing that line could come on 28th July '22 at 16722.8, where there is a cross over of the said descending line and a strong ascending 2/1 support line formed due to the bottom formed on 17th June 2022.
Note
Subsequent to the above observation at 13:00 hours on 22.07.2022, Nifty has not made any drastic move and the above observation holds good for the ensuing week. 28th July could be an important day.Note
The predicted piercing at 16722 happened today as was expected. Bullishness shall continue if Nifty sustains above 16765.
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