Last week Nifty consolidated in a broad range of 200 points. Due to consolidation, daily chart formed a Symmetrical triangle pattern and index confirmed its breakout from said Triangle pattern in Friday’s session.
However, due to geopolitical tension, Nifty nosedived sharply on Monday and entered inside the triangle pattern. The said development has diminished the bullish sentiment.
Going forward, Nifty has an immediate support near 9,850 below which strong support comes near 9,780. Any sustained move below 9,780 will certainly allow bears to take charge of the index and we may see index to retest the daily swing low of 9,685.
However, due to geopolitical tension, Nifty nosedived sharply on Monday and entered inside the triangle pattern. The said development has diminished the bullish sentiment.
Going forward, Nifty has an immediate support near 9,850 below which strong support comes near 9,780. Any sustained move below 9,780 will certainly allow bears to take charge of the index and we may see index to retest the daily swing low of 9,685.
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