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Is Nifty Preparing For 14800?

Free nse nifty chart calls

Free nse nifty chart calls

Nifty is forming in a descending parallel channel. Prices are building corrective pullbacks to manage demand pressure and fall from resistance since the start of the correction. Nifty has created a lower low at 15183 and given an upward move of 15927.

Nifty has faced supply pressure on the upper band three times. It indicates that bulls are not exceeding supply pressure and upper band. As bulls give up, bears enter and drive prices to lower levels.

As per my previous article, 16200 is strong resistance for bulls and the supply zone of the parallel channel. If the price sustains below 16200, traders can expect the following targets: 15740 – 15326 – 14870. We can expect a fake-out of the parallel channel.

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Stock market certified investment advisor(s) for Moneymunch. They're a regular guest on popular online channels and writes for several newspapers and financial journals. Who has studied charts for over 20 years, and they have black magic of the share market.

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6 Comments

  1. I have never seen this type of explanation of Wave analysis before, Thank you sir, appreciate your efforts 👍👌

  2. Very clear and insightful. You trading methodology is very simple to follow. I have been following you for some time. Appreciate your effort to share ideas with new traders. Keep it up.

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