Do not panic button till Mother and Father supports not broken.The parallel channel tops will always be difficult to conquer. Children staying abroad and in far away places coming to meet mother and father once is a while is always a sign of a healthy family. Nifty coming to meet the mother and sometimes the father on daily chart is always a healthy sign.
The reasons can be any:
1) SEBI change in rules.
2) Conflict between Israel and various other countries
3) Crude oil prices
In the recent Past the reasons were incidents like:
1) Ukraine war
2) US Fed rate cuts
3) Covid 19 Outbreak
Major Nifty support is near 26067 to 26040 zone as you can see in the daily chart Nifty is near mother line which is also coinciding with mid channel support and a peak support. This can be the probable turnaround zone. If this support is broken further supports will be at 24804, 24384. The zone between 23995 to 23612 is another turnaround zone as it can be the channel bottom support. 23223 is the final support of father line drawn on daily chart. Below this there can be actual panic in the market.
Resistances for Nifty are now at 25439, 25665, 25836 and 26037. Above 26037 bulls will be in super power mode again. Bottom fishing time in premium/High quality/A+ category has arrived. Churn your portfolio around. New themes will soon emerge. Hold on / do not panic / sell stocks where you are in loss / use this fall to churn your portfolio.
