Hello guys!
This is for NIFTY broader view. As you can see in the chart. After bouncing 2 times from 16500 zone it successfully gave trendline breakout.
And after breakout it has come to retest the level again. That is normal for any chart. Today is the third time, when we see again a bounce with a strong bullish candle. Means 16500 is acting as a strong support zone.
Another confirmation is that nifty is trading above 200ma. I've shown in the chart.
So untill and unless this support is holding, we can consider NIFTY in uptrend.
This is for NIFTY broader view. As you can see in the chart. After bouncing 2 times from 16500 zone it successfully gave trendline breakout.
And after breakout it has come to retest the level again. That is normal for any chart. Today is the third time, when we see again a bounce with a strong bullish candle. Means 16500 is acting as a strong support zone.
Another confirmation is that nifty is trading above 200ma. I've shown in the chart.
So untill and unless this support is holding, we can consider NIFTY in uptrend.
