NIFTY Future Major Support 10970

  1. Benchmark indices ended lower on August 20 in the volatile trading with NIFTY finished below 11,050 level.
  2. Nifty find its support at 10,970 as having a short term rising support trend line placed at that level. 
  3. Nifty trading in a channel of 10,950 - 11,180, showing range-bound in the chart. 
  4. 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.
  5. Nifty50 is forming higher highs and higher lows in August, showing some reversal from the lower side.
  6. 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.
  7. The markets witnessed a technical bounce-back in the last hour as Index finds its support in lower levels