Nifty in a parallel channel is nearing Fibonacci resistance

Nifty 50 in a parallel channel drawn on hourly candles is indicating that it might be nearing an important Fibonacci resistance of 24463. Before reaching there it needs to clear today's high that is 24443. Thus the zone between 24443 and 24463 is a huge resistance. One way to clear it would be a gap up opening tomorrow. If that is not possible tomorrow and for the reminder of the week Nifty can be under selling pressure. If 24463 is cleared the next resistance that it will face will be 24544. In case of correction and consolidation the supports will be provided by the levels of 24400, 24362, 24318 (Important Mother line support of 50 Hours EMA) and 24284. Below 24284 Nifty becomes weak and Bears can drag it to the levels of 24242 or even 24169. Further downfall will bring bears into more action and retail investors and DII can go into a full blown profit booking mode.

Disclaimer: Please do not trade based on this levels of spot nifty. This post is just for education. This is not a buy or sell recommendation.