Happy_Candles_Investment

Good closing by Nifty just above mid-channel resistance.

NSE:NIFTY   Nifty 50 Index
Nifty saw a good closing today above mid channel resistance but could not hold on to higher levels as it found the resistance at 22502 to hot to cross. 22502 was today's high and might act as a resistance again tomorrow. If this level is crossed and we get a closing above it the next resistance levels will be at 22587 and 22658. Above 22658 bull have potential to take full control of the market and in such a scenario we can see Nifty climbing to the highs of 22730 and 22801 in the coming week or weeks. On the lower side, today's low of 22345 is a good support followed by Mother line support of 50 Hours EMA at 22235. Below 22235 Nifty becomes week and we might again see the levels of 22055, 21937 and 21815. Below 21815 closing Bears take total control of the market. Nifty is interestingly placed with shadow of the candle being neutral and it was a Doji candle that we saw today emphasizing the tussle between bulls and bears or shall we call it a tussle between FIIs and DIIs + Retail investors?

Happy Candles Investment
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