Nifty at Significant Support Before RBI Policy

As Discussed in the Last Analysis: Nifty made high 11761, which was just above our Resistance 11755 & from there corrected all the way to 11629 levels in intraday.

For further Decline, Bears need to hold below 11650 level for the move towards 11580/11520. For Bulls need to close above 11755 for the move towards 11815/11900/11990.

Today in Intraday, once the Angled line gets break around 11700 levels, Nifty fell further 70 points.

Nifty at Significant Support Before RBI Policy

Tomorrow we have RBI Policy Event, & Before that Nifty is trading near Crucial Angle line on a daily chart.

Nifty at Significant Support Before RBI Policy

Holding below the above-shown Angle line will add further weakness in Present upswing. On short-term basis & further decline towards 11520/11440/11350 levels can be seen.

Note: Above mention price projection & other Information are for educational purpose only.

About the author

Divesh Jotwani is a full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day-in and-out markets.