Nifty 50 IndexLong
Trendline sending Nifty in consolidation mode.
Trendline sending Nifty in consolidation mode for last few days. The positive thing is that Nifty is still holding above 50 hours EMA which we call Mother Line. The Mother line is at 24545 and the closing we got today is 24548. So Mother line still remains support. There is an additional support at 24500 too in addition to Father line which is 200 Hours EMA is also a very important support. Father line is at 24364. Below 24364 Nifty will become weak again and we can see it fall to the levels of 24100, 23907 and 23187. Resistances for Nifty remain at 24723, 24904, 25240 and finally 25514. 25514 will be a strong resistance. If we get a closing above 25514 Bulls have potential to grip the market very firmly and take it to previous highs if not new highs.
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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.
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