Four days ago Nifty index was its all-time high at 15431.75 now it became sideway but it does not mean that nifty has changed its track.
I can see 14750 to 14700 a 14750 a big support zone( S1) for nifty. Whereas the high will remain the resistance (R1) as of now but if it breaks the R1 then the diagonal continuous resistance will be the parallel channel.
Once again if it breaks S2 will become the major support.
There is a divergence in RSI which clears that market will be sideway for some time. Unless the RSI line breaks the DL upwards for bullish momentum.
The Flat-top channel is the production house of the volatility. So as long nifty stays in this channel move will be higher on any side. As nifty is in the bullish zone we can expect a positive move. But if Nifty breaks the channel downward including S2 then S3 will be the major support zone and bearish sentiment may catch the market.
The entire chart pattern is on EOD basis.
I can see 14750 to 14700 a 14750 a big support zone( S1) for nifty. Whereas the high will remain the resistance (R1) as of now but if it breaks the R1 then the diagonal continuous resistance will be the parallel channel.
Once again if it breaks S2 will become the major support.
There is a divergence in RSI which clears that market will be sideway for some time. Unless the RSI line breaks the DL upwards for bullish momentum.
The Flat-top channel is the production house of the volatility. So as long nifty stays in this channel move will be higher on any side. As nifty is in the bullish zone we can expect a positive move. But if Nifty breaks the channel downward including S2 then S3 will be the major support zone and bearish sentiment may catch the market.
The entire chart pattern is on EOD basis.
