There are long term supporting trend lines , that have been supporting Nifty for quite some time.
The longer one, that has been supporting Nifty since Feb. 2016, got almost breached today (11150) as Nifty traded below this for some time and even closed slightly below this line (11132).
There is another one, that has been providing support since Oct. 2018., is protected so far, incase this line is breached too (10990 level), we can see even lower levels.
Day closing below 10980 can be used as a stop for all sorts of long positions and above 11218 (100 weeks EMA ) for short.
The moving averages uses in the chart are 50 & 100 weeks EMA , after 200 DMA 100 Week EMA was another support Nifty breached today.
Nifty not being able to sustain high levels with as many short positions and such lower levels, is scary, I would advise avoid trading naked derivatives, at this stage. If you can not design risk defined strategies yourself - consult some consultant / expert.
The longer one, that has been supporting Nifty since Feb. 2016, got almost breached today (11150) as Nifty traded below this for some time and even closed slightly below this line (11132).
There is another one, that has been providing support since Oct. 2018., is protected so far, incase this line is breached too (10990 level), we can see even lower levels.
Day closing below 10980 can be used as a stop for all sorts of long positions and above 11218 (100 weeks EMA ) for short.
The moving averages uses in the chart are 50 & 100 weeks EMA , after 200 DMA 100 Week EMA was another support Nifty breached today.
Nifty not being able to sustain high levels with as many short positions and such lower levels, is scary, I would advise avoid trading naked derivatives, at this stage. If you can not design risk defined strategies yourself - consult some consultant / expert.