Nifty Update

Nifty Daily.

The Path Ahead for Nifty.

In our previous posts we were quite bullish on Nifty, but the last few trading sessions show that uncertainties have started to built up and Nifty seems to take a breather with quite a few short levels to be broken before finally confirming the downtrend.

Bank Nifty started showing signs of weakness even before Nifty. Adding fuel to fire. It has high probability of finding support near 12,140.

Currently, the levels of past few Gap ups (see the GAP written in the chart.) are the short term targets. The levels being 5880,5861,5843, 5816 and 5783. Once these are broken we can witness the continuation of the downward  channel.

Nifty being on its highs for the past few days has lost strength in the 60 mins charts. All things pointing in one direction that the short term seems to be on the downside. However, the past few Gaps are so near to each other that the continuation of downward channel would come in force only when the last level of Gap is broken on downside.


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