Today's high will be an important resistance.
Today's high of 24164 will be an important resistance. Closing above 24164 can open the door for 24322. 24322 is a very important channel top and trend top resistance. As there is very less room left towards the top and Nifty is delicately placed on the trend line.
There are 2 things that can happen when and if the Nifty reaches channel top. There can be channel top breakout or there can be channel top resistance can come into effect and there can be consolidation and correction.
If there is a correction or consolidation the support levels for Nifty will be 23982, 23859 Important 50 hours EMA (Mother Lines support). If nifty closes below 50 EMA there will be weakness. This weakness can drag Nifty further down to 23679, 23297 or even 23173.(Mid channel Support).
There are 2 things that can happen when and if the Nifty reaches channel top. There can be channel top breakout or there can be channel top resistance can come into effect and there can be consolidation and correction.
If there is a correction or consolidation the support levels for Nifty will be 23982, 23859 Important 50 hours EMA (Mother Lines support). If nifty closes below 50 EMA there will be weakness. This weakness can drag Nifty further down to 23679, 23297 or even 23173.(Mid channel Support).
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