Daily Nifty Chart-1
Daily Nifty Chart --2Check out chart number 2 first. Shows the trendline joining March '08 lows and July '08 lows. This trendline has been providing very good support since the Nifty managed to climb above it on December 15th,'08. The support provided by this trendline for 9th March is at 2416. The recently formed falling channel has support at 2505 which coincides with November '08 lows at 2503.
In conclusion, 2503 is very good support and break of this level should definitely find support at 2416. Only a break of this level will give rise to a free fall to October '08 lows and then melt towards 2000 which is the triangle breakdown target.
Resistances can be seen on the charts and has also been discussed in the weely analysis post.
Happy Trading !!
Lakshmi Ramachandran
Vipreetsafetrading.com
In conclusion, 2503 is very good support and break of this level should definitely find support at 2416. Only a break of this level will give rise to a free fall to October '08 lows and then melt towards 2000 which is the triangle breakdown target.
Resistances can be seen on the charts and has also been discussed in the weely analysis post.
Happy Trading !!
Lakshmi Ramachandran
Vipreetsafetrading.com
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