- Benchmark indices ended lower on August 20 in the volatile trading with NIFTY finished below 11,050 level.
- Nifty find its support at 10,970 as having a short term rising support trend line placed at that level.
- Nifty trading in a channel of 10,950 - 11,180, showing range-bound in the chart.
- Nifty forms a bearish head and shoulder pattern in hourly charts, if this pattern neckline breaks then Nifty can move to its previous lows i.e. around 10,800, Pattern neckline is at 10,950 levels.
- Nifty50 is forming higher highs and higher lows in August, showing some reversal from the lower side.
- An index is trading above 38.2% Fibonacci retracement level which acts as crucial support (10,780 ). But trading below 50% i.e. 11,080 level and 38.6% i.e. 11,300 level which acts as a short term resistance in the market.
- The markets witnessed a technical bounce-back in the last hour as Index finds its support in lower levels
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