Flag formation in Nifty indicates some strength but be cautious
Flag formation in Nifty indicates some strength but be cautious as there might be chances of profit booking at higher levels. The Fibonacci levels drawn based on previous peaks indicate the next resistance between 25449 and 25493. If 25493 is crossed and we get a closing above it there is a possibility of a rally upto 25600 or 25698 levels. This will be a resistance which will be very tough to conquer for now. The support for nifty in case the Flag and pole formation break out fails will be at 25333 and 25270. Mother line support of 50 hours EMA will be at 25193 which is also the mid channel support. Making it a strong dual support.
Note
Still No Flag and Pole Breakout. But all the support and resistance levels are holding. We indicated a resistance between 25449 and 25493. Today's high was 25441.65. Hope you are looking at the precision of our charts. Thanks to our hard Work, dedication and most importantly support from the divine. All support and resistance levels for tomorrow are still as per yesterday's message.
Happy Candles Investment
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