Nifty Today broke out from the shackles of the trendline resistance. further Nifty alos re-tested the resistance and gave a positive closing making the shadow of candle for tomorrow positive. 21955 is the final resistance remaining before Nifty cracks 22K again. 21794 and 21870 were the supports that were tested today. Once 21954 is crossed further resistances...
It was depicted earlier that something similar to Reverse Head & Shoulders Breakout is in Progress and that showed today. Next Resistances: 18270 and 18441. Immediate Supports: 18153, 18042 and 17966.
Markets have given a strong closing to the week above 50 Weeks EMA as well as above 200 days EMA. 50 days EMA remains an important resistance to conquer which is around 17815. The momentum that has built can well take the Nifty past the same if 17581 (200 days EMA) is held next week. Nifty Supports remain at: 17581, 17353 and finally 17248 (Major Support). ...