Nifty Still near the top of Parallel Channel. Nifty is consolidating near the top of the parallel channel and searching for momentum for getting a clear breakout. Till it regains the momentum and Mojo the upside looks limited. The current resistances it is facing is near 25068. Once we get a closing above the same there is possibility of some upside. In case we get a closing above 25068 the next resistances will be near 25134 and 25290. 25290 is the point above which we have a clear channel top Breakout. We will wait for that to happen for giving further resistances. The supports for Nifty are currently near 24924, 24761 (Mother Line Support of Hourly chart). If we get a closing below 24761 the bears will come back into the game and can drag the Nifty further towards the levels of 24647, 24509, 24259 or even 24162. 24162 is a Father line support of hourly chart. A closing below this levels can bring Bears in a total action mode. We will comment about further supports if by chance we get a closing below this level.
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 or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. 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. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
