The Cycle of Lows in the Nifty 50 Index is showing its effect, but Bulls are continuously falling to hold upper levels.
The Nifty 50 Index bulls failed to hold the gains of Monday & Tuesday.
However, the discussed 11455-480 Gann resistance range worked perfectly; you can see the same in the chart below.
On Tuesday, prices rose near the ‘Angle’ line, and from there, bulls gave up all the gains from that high swing point.
Today Nifty 50 Index moved below the 11250-230 support range but failed to hold below it, and the EOD close was also above the support area. So, Nifty 50 Index bulls are still fighting hard to regain the lost energy.
Now moving ahead, if bulls have to move up, they need to break and close above 11390 levels.
As of now, the ‘Angle’ line of resistance is also near the 11390 levels.
The breaking and holding above-mentioned resistance level will be the first and initial sign of change.
I will try to re-analyze; if the price moves above the resistance point.
On the lower side, the central support area is still around 11250-230; on closing or holding below, the Nifty Index can show levels around 11150/11080 and more.
The probability of further downside can’t be ruled out.
But, today’s bounce of 100 points from the support area; suggests bulls are still somewhere in the game.-Divesh
Note: Above mention Price projection & other Information is for educational purpose only.