Nifty consolidating in a narrow channel. Breakout initiated ? ?
Nifty is moving in a narrow downward channel since it started consolidating on 22nd Oct.
Breakout from the channel in either direction will decide the trend, for confirmation pls refer to volume and some other indicators that you are comfortable with.
9 EMA on 21 RSI on a two hour chart is still indicating weakness. Other solo indicators are also showing weakness but there is no clear SELL signal yet.
11660 - 11700 appears to be a strong hurdle or supply zone, trade cautiously within this range. 11680 can be used as SL for short positions.
For long positions 11500-530 should be safer or wait to 11700 to be crossed decisively.
Breakout from the channel in either direction will decide the trend, for confirmation pls refer to volume and some other indicators that you are comfortable with.
9 EMA on 21 RSI on a two hour chart is still indicating weakness. Other solo indicators are also showing weakness but there is no clear SELL signal yet.
11660 - 11700 appears to be a strong hurdle or supply zone, trade cautiously within this range. 11680 can be used as SL for short positions.
For long positions 11500-530 should be safer or wait to 11700 to be crossed decisively.
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