Not much room to grow for Nifty unless it breaks the channel.
Nifty hit the channel top today and immediately receded as there is not much space left of it to grow. Either it has to break the parallel channel and go above it or it has to fall to cool down the RSI and then come and fight to make a new high. It is obvious that as we hit levels above 23K there will be bout or bouts of profit booking too. With election results around keep expecting such volatile ralles and snap rallies. Supports for Nifty on the lower side are at 22877, 22775, 22716 and 22457. Below 22457 Nifty becomes a little weak. Resistances on the upper side for Nifty are at 22999, 23053, 23110 and finally 23150. Shadow of the candles is absolutely neutral.
Happy Candles Investment
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