Nifty Squeezing in tight space between supports and resistances.
Nifty is squeezing in a tight space squeezing between major supports and resistances. A major move on either side can not be negated. With US inflation, Lok Sabha election phases, Announcements by FM about course correction discussion with SEBI on how F&O will operate in future, and other important data awaited, mixed bag results. Today 200 Hours EMA acted as a major resistance. Nifty barely touched it and returned closing fractionally below 50 hours EMA. Trend line resistance and support are also acting not allowing Nifty to move much in either directions. FII is selling on every rise. DII is buying on every dip.
Very interesting phase which is testing the patience of investors is going on. All we need to do is watch important levels, important results and important data. Holding on to what we have high conviction in and letting go of what is not convincing valuation wise is important. Not reacting to market noise and filtering out your portfolio is important, before the next bull run begins. If it has not already begun.
Important Resistance Levels: 22242, 22302 (200 Hours EMA) Father line, 22400 mid channel resistance and 22501.
Important Support levels: 22148, 22068, 21937 and 21815 (Nifty becomes very weak and goes into bear grip below this level.)
Very interesting phase which is testing the patience of investors is going on. All we need to do is watch important levels, important results and important data. Holding on to what we have high conviction in and letting go of what is not convincing valuation wise is important. Not reacting to market noise and filtering out your portfolio is important, before the next bull run begins. If it has not already begun.
Important Resistance Levels: 22242, 22302 (200 Hours EMA) Father line, 22400 mid channel resistance and 22501.
Important Support levels: 22148, 22068, 21937 and 21815 (Nifty becomes very weak and goes into bear grip below this level.)
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