Observations:
1. After facing resistance at the central line yesterday, Nifty could break it in the final hours of trade today.
2. Nifty has also formed upswing today which can push Nifty to the next resistance level, which is at the upper band of the downward channel. But do remember that this is all happening within the downward channel. .
3. Once the resistance at (2) stands broken, the real test will be to break the resistance zone at 17,595 - 17,640 which is the area between 38.2% Fibonacci level and the immediate previous high.
Conclusion:
The new year party is still away.
NIFTY
1. After facing resistance at the central line yesterday, Nifty could break it in the final hours of trade today.
2. Nifty has also formed upswing today which can push Nifty to the next resistance level, which is at the upper band of the downward channel. But do remember that this is all happening within the downward channel. .
3. Once the resistance at (2) stands broken, the real test will be to break the resistance zone at 17,595 - 17,640 which is the area between 38.2% Fibonacci level and the immediate previous high.
Conclusion:
The new year party is still away.
NIFTY
