Closing above 25544 should be first step for Nifty to break freeNifty today closed in positive but still it might not be free enough to crate further bull run. the first step that Nifty needs to take to get out of this range bound trade zone or consolidation is to get a closing above 25544.
Further to this step it my find resistances at 25597, 25672. Once we close above 25672 the possibility that Bulls can regaining 26K levels and go even higher becomes stronger.
The Supports for Nifty currently remain at 25471, 25437 which is Mother line or 50 Hours EMA, 25344, 25219 and finally 25125. 25125 is the Father line support or 200 hours EMA. Closing below 25215 will empower Bears to drag Nifty further down wards.
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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
