Nifty closed just below 50 hours EMA.
Nifty has closed 1 point below the 50 Hour EMA at 24530. (Mother line) - to know about the Mother, Father and Small Child story read The Happy Candles Way to Wealth creation available on Amazon. Supports for Nifty now remain at 24509, 24359, 24211 and 23985. (23985 is a very important 200 hours EMA support). Resistances for Nifty will be at 24351 (50 hours EMA), 24599 and channel top resistance near 24854. Hourly RSI has cooled down from 70 which was on 18th July to 42.5. RSI support is at 38.07 and 22 levels these are the two levels after reaching which there can be a chance of a bounce back. As of now shadow of the candle is weak red.
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