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Nifty had tested
the crucial 16800 support yesterday from where it started to recover. Today nifty opened a gap and tried to continue the recovery process.
However, it failed to sustain above the main hourly moving averages and turned
negative at the end of the day. Regarding the price pattern, Nifty has formed a
triangle pattern on the daily chart and is consolidating within the pattern.
The bottom of the pattern comes in at 16,800 while the top comes in at 17,300.
Nifty is expected to see further consolidation in this range that may resume
the larger uptrend.
NIFTY IMPORTANT LEVELS:
SUPPORT: 17001, 16934, 16759
RESISTANCE: 17176, 17284, 17459
BANKNIFTY IMPORTANT LEVELS:
SUPPORT: 37260, 37101, 36694
RESISTANCE: 37667, 37915, 383
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