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Nifty Outlook: Is Nifty Preparing for 16800?

Free nse nifty 60min chart calls

Thought of The Day

Thought Of The Day
I have two basic rules about winning in trading as well as in life.
(1) If you don’t bet, you can’t win
(2) If you lose all your chips, you can’t bet.
~ Larry Hite

Timeframe: Daily
Free nse nifty daily chart calls

Previous close – 17475

Nifty had made a high of 18114 and started falling as the price was heaving  horizontal resistance. Price couldn’t sustain above previous Lower high and started declining.

Nifty is at the support of 17440. Traders can expect a gap down.

If the price breaks out to 17440, the support level will be 17300 – 17000 – 16800. Nifty is strong only above 16600, and closing below 17230 indicates weakness.

Time frame: 1-hourFree nse nifty 60min chart calls

It looks like nifty has broken down the uptrend channel A and started falling. Price is forming and moving into corrective channel B.
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Mr.Guru is a registered investment advisor for Moneymunch, he is a regular guest on popular channels and writes for several newspapers and financial journals. They've black magic of stock market analysis because studied charts over 20 years.

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