NIFTY Morning update with possible support levels

 

 

• 7896 is crucial as seen in the Retrace levels. Weekly fib chart shows 50% at 7896 If bears keep price below this level next target is the Golden ratio at 7644. Having said that this 50%(7896) level is a good place for an oversold bounce.
• Next chart is the Long term support line of nifty drawn from 2200 levels. If bears are successful in keeping below 7900 then this line is likely to be tested in the short term(one or two months)
• Last chart shows death cross. One has to note that death cross happens after an extended correction so the Risk of a swift bounce against the prevailing trend is imminent. For nifty to change its bearishness price need to move back above 200 SMA Which for now is at 8249.
• NIFTY EOD Update(Bearish update)

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