Mid-Channel Resistance again stops Nifty and pushes it down
50 hours EMA (Mother line)(Those who know my Mother/Father/Small Child story can understand it very well) was a very important resistance to be crossed and held today but Nifty could not hold on to it after crossing it once. In addition to the 50 EMA there was also Mid-Channel resistance. which could not be crossed. Additionally there is a trend line resistnace, Nifty has to cross this for further growth. There was lack of volume and next week is a 3 day week so lot of traders/investors did not carry long positions. The support and resistance zones remain at:
Support Zone: 21539, 21430(Very important 200 hours EMA) support (Father Line) and finally 21285 (Channel bottom support). Bears can tighten their grip below this point.
Resistance Zones: 21600, 21674 (50 Hours EMA)(Mother Line), 21756 (Mid Channel resistance) and finally 21847. Above 21847 Bulls will strengthen their grip.
Support Zone: 21539, 21430(Very important 200 hours EMA) support (Father Line) and finally 21285 (Channel bottom support). Bears can tighten their grip below this point.
Resistance Zones: 21600, 21674 (50 Hours EMA)(Mother Line), 21756 (Mid Channel resistance) and finally 21847. Above 21847 Bulls will strengthen their grip.
Happy Candles Investment
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