Nifty 50 Support and prediction levels
Next support level for nifty. Rebound is going to come from somewhere between 15310 - 15120 - 14900 level. This rebound will take nifty to level of 16000-16400 and next 3 months nifty will spend between the 15300-16400. By Sep - Oct nifty will make bottom at 14400-14300. There are lot of reasons technically
1. 20% correction from the top comes at 14900.
2. 15120 stands at .78 fib series of short term chart
3. Support level at 15300
Trading range after that would be 15300 - 16400. 16400 has been strong support level in the past which will become its resistance. Meanwhile nifty will struggle to cross 15700-15800 which will be very strong resistance on short term charts.
In near term nifty will time-pass between 15200 - 15800 range. This might go on for next 3 months i.e till sep. By sep a fresh and last round of downfall will lead nifty to level between 14380 - 14130 - 14000 and that is where nifty will start it's pullback rally. Rational behind it is:
1. 14380 is at .382 Fib series on long term charts.
2. Never in past nifty has breached .382 on long term charts
1. 20% correction from the top comes at 14900.
2. 15120 stands at .78 fib series of short term chart
3. Support level at 15300
Trading range after that would be 15300 - 16400. 16400 has been strong support level in the past which will become its resistance. Meanwhile nifty will struggle to cross 15700-15800 which will be very strong resistance on short term charts.
In near term nifty will time-pass between 15200 - 15800 range. This might go on for next 3 months i.e till sep. By sep a fresh and last round of downfall will lead nifty to level between 14380 - 14130 - 14000 and that is where nifty will start it's pullback rally. Rational behind it is:
1. 14380 is at .382 Fib series on long term charts.
2. Never in past nifty has breached .382 on long term charts
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.