Nifty index broken down the channel and support 16000
Today gap down opening happened below the channel and broken down the psychological level 16000 too
currently "e" wave down going on...
now previous support of channel became resistance i.e. 16100--16150
For bulls to return they need to go back into the channel....
whereas bears will try to sell off every pull back...
retesting of 16000--16150 possible in form of wave " f "
immediate support near 15600-500 level and resistance 16000--150
note : currently nifty is below 200 DMA AND 200 DEMA and contineously making lower high and lower low...till than its a bearish market
market "sell on Rise "
Plan your trades accordingly..
ITS ONLY EDUCATIONAL VIEW
currently "e" wave down going on...
now previous support of channel became resistance i.e. 16100--16150
For bulls to return they need to go back into the channel....
whereas bears will try to sell off every pull back...
retesting of 16000--16150 possible in form of wave " f "
immediate support near 15600-500 level and resistance 16000--150
note : currently nifty is below 200 DMA AND 200 DEMA and contineously making lower high and lower low...till than its a bearish market
market "sell on Rise "
Plan your trades accordingly..
ITS ONLY EDUCATIONAL VIEW
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