Another day another weak show by Nifty.
Nifty again could not sustain the highs of the day and ended up in the negative. Nifty on an hourly chart is spiralling downwards in a downward parallel channel. Every bounce even if it is a small one is seen as an opportunity to sell specially by the FIIs. Even today the signs or signals for bottom formation are not visible.
To know more about a parallel channel do read my book the Happy Candles Way to Wealth Creation available on Amazon in paperback and Kindle version.
One thing is for sure upward curve also starts out of nowhere just like the downward slide started out of nowhere so there is no need to sweat about it as the Macros for India remain healthy. Dollar index gaining more and more strength is a sign of concern however. Once the Dollar starts to relent we will see a better performance from many sectors. RSI of Dollar index is just starting to touch the overbought zone.
Nifty supports remain at 24370, 24149, 23806 and finally 23111.
Resistance levels for Nifty remain at 24592, 24757 and 25069 levels.
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. 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.
To know more about a parallel channel do read my book the Happy Candles Way to Wealth Creation available on Amazon in paperback and Kindle version.
One thing is for sure upward curve also starts out of nowhere just like the downward slide started out of nowhere so there is no need to sweat about it as the Macros for India remain healthy. Dollar index gaining more and more strength is a sign of concern however. Once the Dollar starts to relent we will see a better performance from many sectors. RSI of Dollar index is just starting to touch the overbought zone.
Nifty supports remain at 24370, 24149, 23806 and finally 23111.
Resistance levels for Nifty remain at 24592, 24757 and 25069 levels.
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. 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.
Note
No change in view for Nifty for today. Same support and resistance levels hold for tomorrow. 
Happy Candles Investment
Disclaimer
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