Bottomline:
Nifty50 bounced from its support region of 17774.25 and formed the double bottom. There is a positive divergence in RSI 14 days, but it still doesn’t confirm the validity of the same. In short let the price action confirms the direction of trade. The break of yesterday’s low will take it to its next support level of 17588 and 17286. It will face resistance at 17945 and 18007. The close above 18007 will confirm that the low for this rally is in place and it is poised to move higher for a new high.
Crucial Levels: 17887, 17853
Resistance: 17945, 18007
Support: 17775, 17760
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Disclaimer:
This is intended to provide general and preliminary information to investors/ traders and shall not be construed as the basis of any information decision or strategy. This content is intended to be used and must be used for informational purpose only. It is important to do your own analysis before making any investment based on your own personal circumstances.
