Nifty has been forming a downtrend channel for 140 days. After creating excess on the descending channel, the price has surged sharply.
Price surge stopped between the range of 17110 – 17144. It connotes that nifty can give a big move after the breakout of the parallel channel.
If the Nifty breaches the upper band, we can expect 17365 – 17562 – 1760.
The breakdown of the lower boundary can drive the nifty up to 17026 – 16955 – 16880.
Otherwise, nifty will be the value area until it breaks these levels.
Price surge stopped between the range of 17110 – 17144. It connotes that nifty can give a big move after the breakout of the parallel channel.
If the Nifty breaches the upper band, we can expect 17365 – 17562 – 1760.
The breakdown of the lower boundary can drive the nifty up to 17026 – 16955 – 16880.
Otherwise, nifty will be the value area until it breaks these levels.
Note
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Related publications
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.