Bottomline:
After a sharp fall in the Nifty50 Index for the last four consecutive days, it has taken support on the lower boundary of the Keltner Channel and also respected the 200 Day Moving Average of 17551.42 and closed above it at 17648.95. Expect a minor pullback up to 17803 - 17897, which is 50% and 61.80% of the previous fall. Then expect a sharp decline to the projected target of 17100 - 17000. Closing above 18007 will change the view from Bearish to Bullish.
Crucial Levels: 17618, 17557
Critical Level: 18007
Resistance: 17683, 17750, 17803
Support: 17551, 17405, 17280
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 designed to be used and must be used for informational purposes.
