After reaching a weekly high of 23869 Nifty decided to fall back in search of its support zone. Currently it is holding above the Father line in the daily chart which is at 23406. Below the Father line there is Mother line waiting to support Nifty at 23114 in case the weakness seen on Friday persists. We will be in trouble again in case we get a daily or weekly closing below this level. In such a scenario the supports for Nifty will be at 22827, 22294 and 21939. In case the Nifty is able to gain momentum again the resistances it will face will be near 23536, 23671 and 23864. Closing above 23869 will enhance the short term momentum in Nifty which can lead it to 24K+ levels.
To know more about supports, Resistances, investing in stocks based on sector index, Trend lines Parallel Channels, Mother, Father and small Child Theory, Behavioural finance, Fundamental analysis, Technical analysis, Profit booking etc. Read my book The Happy Candles Way to Wealth creation. It is as on date one of the highest rated books on Amazon. The paperback version and Kindle can be bought through Amazon. You can also contact me to buy the same.
Things are slightly off balance with shadow of the candle just slightly in favour of bears as of now but Bulls will definitely try and retake the advantage back to their side given a slight opportunity. So the Bull and Bear tussle to continue into April and may escalate given Trump Tarif announcements and upcoming result season.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. No one can guarantee any success in highly volatile market or otherwise. There is also chance of bias in our opinion. The supports and resistances indicated are based on data which has a cycle time of being 3 months or older so it is not necessary that it will work. The author or Smart Investment will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
To know more about supports, Resistances, investing in stocks based on sector index, Trend lines Parallel Channels, Mother, Father and small Child Theory, Behavioural finance, Fundamental analysis, Technical analysis, Profit booking etc. Read my book The Happy Candles Way to Wealth creation. It is as on date one of the highest rated books on Amazon. The paperback version and Kindle can be bought through Amazon. You can also contact me to buy the same.
Things are slightly off balance with shadow of the candle just slightly in favour of bears as of now but Bulls will definitely try and retake the advantage back to their side given a slight opportunity. So the Bull and Bear tussle to continue into April and may escalate given Trump Tarif announcements and upcoming result season.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. No one can guarantee any success in highly volatile market or otherwise. There is also chance of bias in our opinion. The supports and resistances indicated are based on data which has a cycle time of being 3 months or older so it is not necessary that it will work. The author or Smart Investment will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
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Unfortunately what we depicted happened and the father line support was broken today due to upcoming Trump Tariff related announcements on April 2 late night. Now Mother line support is there to save the day. 23116 is the Mother line support currently. Today the low we reached was 23136. If the Mother line support is broken the next supports will be near 22827, 22294 and 21939. In case the Nifty is able to gain momentum again the resistances it will face will be near 23403, 23536, 23671 and 23864. Shadow of the candle is negative as we are yet to understand what is going to hit us in the form of Trump Tariffs. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.