Nifty has been forming a downtrend channel for 140 days. After creating excess on the descending channel, the price has surged sharply.
Price surge stopped between the range of 17110 – 17144. It connotes that nifty can give a big move after the breakout of the parallel channel.
If the Nifty breaches the upper band, we can expect 17365 – 17562 – 1760.
The breakdown of the lower boundary can drive the nifty up to 17026 – 16955 – 16880.
Otherwise, nifty will be the value area until it breaks these levels.
Price surge stopped between the range of 17110 – 17144. It connotes that nifty can give a big move after the breakout of the parallel channel.
If the Nifty breaches the upper band, we can expect 17365 – 17562 – 1760.
The breakdown of the lower boundary can drive the nifty up to 17026 – 16955 – 16880.
Otherwise, nifty will be the value area until it breaks these levels.
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