Nifty has formed the minor channel wherein price has made excess. This excess has driven prices into the minor channel.
The upper band of the channel indicates the supply zone. Rejection from the upper band has a strong bearish indication. In this case, nifty has the support of 17000 & 16800.
If the price breaks the upper band of the parallel channel, we can see the price can push to our pivot zone 17420. A breakout of the pivot range is a bullish indication for traders.
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Bank Nifty is also facing resistance from the upper band of the parallel channel. Bank Nifty is bearish below 36420 for the support levels of 36250 – 36000 – 36800.
If the price sustains above the parallel channel, nifty can face the resistance at 36900.
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