Mother line again came to rescue Nifty but can it hold?
Mother line or 50 days EMA again comes to rescue of Nifty today. There was a huge selling pressure when the Nifty reached day's high that is 24382. Market has closed at 23992 and the 50 days EMA is at 23965. As of now 50 days EMA is respected but the mood seems to be sell on rise so the support is becoming weaker. If 50 days EMA or Mother line is broken on closing during the reminder of the week. There can be increased pressure on Bulls as Bears will try to explore further supports.
Supports for Nifty as of now seem to be at 23965 (Important Mother line support 50 day's EMA), 23673 and 23362. The zone between 22788 and 22259 is very important as of now. 22259 is 200 day's EMA or father line support, 22641 is the channel bottom support and 22788 is an important support of bottom of the big candle formed on 7th June. Resistance for Nifty remain at zone between 22214 and today's high of 22384.
If you want to know more about Mother father and small child story and how 50 and 200 day's EMA play the role of mother and father you need to read the book The Happy Candles Way to wealth creation written by me and available on Amazon in Kindle and Paperback version.
This will be a big resistance to cross as above it is gap formed by gap down opening of 5th August. If this gap is crossed the next resistance will be at 24714. Shadow of the candles is red still. RSI 40 and Mother line saved the day today let us see if these levels can hold. If these levels are held upside is possible.
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. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We 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.
Supports for Nifty as of now seem to be at 23965 (Important Mother line support 50 day's EMA), 23673 and 23362. The zone between 22788 and 22259 is very important as of now. 22259 is 200 day's EMA or father line support, 22641 is the channel bottom support and 22788 is an important support of bottom of the big candle formed on 7th June. Resistance for Nifty remain at zone between 22214 and today's high of 22384.
If you want to know more about Mother father and small child story and how 50 and 200 day's EMA play the role of mother and father you need to read the book The Happy Candles Way to wealth creation written by me and available on Amazon in Kindle and Paperback version.
This will be a big resistance to cross as above it is gap formed by gap down opening of 5th August. If this gap is crossed the next resistance will be at 24714. Shadow of the candles is red still. RSI 40 and Mother line saved the day today let us see if these levels can hold. If these levels are held upside is possible.
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. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We 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.
Happy Candles Investment
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